The Pakistan Stock Exchange (PSX) reached new heights on Thursday, with the benchmark KSE-100 index soaring by 1,782 points to close above 97,000 for the first time in its history. This surge marks a continuation of the stock market’s record-breaking rally, driven by strong investor confidence.
The index initially dipped to an intra-day low of 95,300.21 due to some early selling, but a robust buying wave in the latter half of the day helped push it to a record high, closing at 97,328.40—up 1.87%. This impressive gain reflects a 55.9% increase for the year and a 9.5% rise in November alone.
A key driver of the gains was aggressive buying in the fertilizer sector, with stocks like FFC and FFBL contributing significantly. Investors were attracted to these stocks for their stability and attractive dividend yields, despite market volatility. Analysts also pointed to positive macroeconomic indicators, such as the easing of political tensions around the upcoming November 24 protests, and expectations of further interest rate cuts, which helped maintain investor optimism.
Despite the global downturn in Asian markets, with concerns over Nvidia’s disappointing forecast and geopolitical tensions, Pakistan’s stock market continued its upward trend. Experts remain hopeful that the rally will persist, provided key factors such as falling interest rates, stable political conditions, and the ongoing IMF program continue to support market confidence.
In other developments, the Pakistani rupee saw a slight appreciation against the US dollar, gaining 0.03% to settle at 277.96. Meanwhile, stock trading volume decreased, and the total value of shares traded also dropped. WorldCall Telecom led the trading volume, followed by Pace (Pak) Ltd and Kohinoor Spinning.
