The Pakistan Stock Exchange (PSX) on Tuesday welcomed the new fiscal year, 2025-26, with a bang as the roaring share prices tossed the index to all-time high of above 128,000 points, reported 24NewsHD TV channel.
During trading, the buying spree burst lifted the PSX’s benchmark KSE-100 index by 1,080.71 points or 0.85 percent to 126,708.02 points in the morning. By noon, the index was soared by 2,515 points to 128,142, and at the close of business the indez surged by 2,572.11 or 2.01 percent to 128,199.42 points.
Experts believed that the holding of fragile ceasefire in the Middle East and the rollover of debt by China to Pakistan proved catalyst for the market to march into record territory.
Of the 479 companies traded today, share prices of 233 companies were up and of 206 companies were down while 40 remained unchanged.
During the previous trading session on Monday, the PSX had closed the fiscal year 2024-25 at a record high of 125,627 points, up by 1,248 points or one percent.
Investor sentiment strengthened and trading volumes remained robust following a $3.4 billion loan rollover by China, which pushed foreign currency reserves above $14 billion, helping Pakistan meet the International Monetary Fund's (IMF) reserves requirement.
Optimism about new policy reforms and Pakistan topping Global Emerging Market (EM) Rankings in Default Risk Reduction fuelled the bullish momentum. The index recorded intra-day high of 1,369 points on Monday before closing a little lower with an increase of 1,248 points.
Experts maintained that stocks hit a new all-time high at the year-end close, driven by record trading volumes following the rollover of $3.4 billion financing by China, which boosted foreign exchange reserves to over $14 billion, meeting the IMF's June 30 target and supporting rupee stability.
At the end of trading on Monday, the KSE-100 index recorded an increase of 1,248.25 points, or 1%, and settled at 125,627.31.
Heavyweights like Fauji Fertilizer Company (FFC), HBL, Bank AL Habib, UBL, Pakistan Oilfields, Faysal Bank and Pakgen Power led the charge, collectively contributing +724 points to the index.
Market participation remained robust with a total of 1,145 million shares changing hands and a trading value of Rs35.2 billion.
On the flip side, Engro Fertilisers (-1.57%), Hub Power (-0.78%) and Pakistan Petroleum (-0.6%) were the biggest index drags.
PM extends gratitude to businessmen, investors
Prime Minister Shehbaz Sharif on Tuesday extended his gratitude to the business community and investors who are fully supporting the government in the country’s development and prosperity as the Pakistan Stock Exchange 100 Index crossing the highest level of 127,000 for the first time on the first day of the new fiscal year.
In a statement issued in Islamabad, the prime minister expressed his satisfaction on the rising trend in the Stock Exchange, adding, “The new fiscal year has begun with good news and a significant development in the economic field, which is very propitious.”
The Stock Market 100 Index, he said reaching its highest level was a manifestation of the fact that the confidence of the business community and investors in the country’s economy and government policies was strengthening and stabilizing with each passing day.
PM Shehbaz added that the country’s economy showed consistent, gradual recovery due to the government’s promising economic policies in the last fiscal year. “The new fiscal year will prove to be a milestone in the journey towards improving the country’s economy. The government is making efforts to promote the best business environment and provide more facilities to investors. I pay tribute to the government’s economic team for this success,” he added.
Reporters Kavish Memon and Awais Kiyani