The Pakistan Stock Exchange (PSX) continued its bullish trend, with the benchmark KSE-100 Index surging past the 66,500 mark to reach a new record high on Wednesday.
Closing at 66,547 points, the KSE-100 Index witnessed a significant rise of 641 points or 0.97% compared to the previous session. This level surpassed its previous peak of 66,427 points achieved on December 12, 2023.
The uptrend was driven by buying activity in key sectors such as cement, commercial banks, oil and gas exploration companies, and refineries. Experts attributed the improved sentiment among investors to factors including progress on privatisation initiatives and potential agreements with the International Monetary Fund (IMF).
Mohammed Sohail, CEO of Topline Securities, highlighted the positive impact of foreign fund inflows, noting that share prices remain attractive with a price-to-earnings (PE) ratio of less than 4.
In a significant development, the Board of Directors (BoD) of Pakistan International Airlines Corporation Limited (PIACL) approved a Scheme of Arrangement (SoA) aimed at restructuring the national carrier, paving the way for its privatisation. The decision, along with associated modalities, will be filed with the Securities and Exchange Commission of Pakistan (SECP).
Tuesday also witnessed a bullish session at PSX, with the KSE-100 Index gaining 381 points to close near the 66,000 mark.
Internationally, Japanese stocks saw gains amid a weakening yen, while Chinese stocks experienced a slight decline. Overall, trading in the Asia-Pacific region lacked strong direction ahead of a key reading of US inflation, with MSCI’s broadest index of Asia-Pacific shares advancing slightly but reversing losses when excluding Japanese shares.
