KARACHI:
The Pakistan Stock Exchange (PSX) maintained its bullish momentum on Wednesday as the benchmark KSE-100 index soared past the historic 150,500 level, closing at an all-time high of 150,591 points. The rally, driven by Moody’s ratings upgrade for Pakistani banks, robust corporate earnings, and institutional buying, added 820 points or 0.55% to the index.
During intraday trading, the benchmark briefly touched 151,262 points before settling lower but still marking record territory. According to Topline Securities, strong liquidity inflows from local institutions and encouraging earnings reports reinforced investor confidence, propelling the index to new heights.
Market analysts highlighted Moody’s decision to raise the long-term local and foreign-currency deposit ratings of five leading Pakistani banks from Caa2 to Caa1 as a major catalyst. “The upgrade, combined with upbeat macroeconomic data, such as July’s modest current account deficit of $254 million and stability in the rupee, powered the historic close,” noted Ahsan Mehanti of Arif Habib Corp.
The upward surge was largely fuelled by heavyweights in the banking, technology, and pharmaceutical sectors. Systems Limited, Bank AL Habib, NBP, MCB Bank, and Bank Alfalah together contributed 503 points. Key performers included Searle (+10%), NBP (+3.53%), and Systems Limited (+3.52%), while Engro Fertilisers (-1.29%), Engro Holdings (-1.10%), and Fauji Fertiliser (-1.05%) were the biggest drags, according to Arif Habib Limited (AHL).
On the macro front, IT and ITeS exports surged 24% year-on-year in July to $354 million, further boosting sentiment. However, overall trading volumes slipped to 667.8 million shares compared to 809.1 million a day earlier, while traded value stood at Rs40.7 billion.
Among volume leaders, Bank of Punjab led the charts with 52.3 million shares traded, followed by WorldCall Telecom (36.3 million) and Fauji Foods (33.6 million). Meanwhile, foreign investors booked profits, selling shares worth Rs1.92 billion, data from the National Clearing Company showed.
Analysts expect the bullish undertone to continue without any hinderance, though some profit-taking and consolidation may occur at record levels.
