After a series of subdued sessions, the Pakistan Stock Exchange (PSX) saw a resurgence of buying on Friday, propelling its benchmark KSE-100 index above the 73,000 mark for the first time in history.
The positive momentum reflected renewed investor confidence amid signs of economic stability.
The KSE-100 index opened on a bullish note, reaching an intra-day high of 73,449.37 before settling at 73,085.50, a gain of 427.45 points or 0.59 per cent by the close of trading.
Despite some sporadic selling during the day, the bulls largely controlled the market, resulting in a robust session.
Industries driving the surge
Key sectors that drove the surge included cement, chemical, oil and gas exploration companies, and oil marketing companies (OMCs). Index-heavy stocks such as Lucky Cement (LUCK), Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), and Sui Southern Gas Company (SSGC) closed in the green, contributing significantly to the overall upward trend.
Market experts attribute the surge to a combination of improved economic indicators and investor expectations.
Pakistan’s foreign exchange reserves and remittances have shown positive growth, suggesting a stabilising economy.
Additionally, there is anticipation of a potential policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting on June 10, following a recent decline in the inflation rate.
On Thursday, the KSE-100 index had a marginal increase in a largely range-bound session, closing at 72,658.05, a gain of 56.24 points, or 0.08 per cent.
The strong close on Friday underscores a more optimistic outlook for the market as investors continue to monitor key economic developments and policy changes.
