The Pakistan Stock Exchange witnessed an unprecedented rally on Thursday, with the KSE-100 index closing at 173,962 points after gaining 2,237 points. The rally in the market was mainly due to strong buying in the fertilizer, cement and industrial sectors.
The index touched a high of 174,106 points during the trading session, reflecting the increase in investor confidence in recent weeks. The trading volume reached 313.69 million shares, indicating significant investment activity in the market.
The market was supported the most by Fauji Fertilizer Company (FFC), which added 601 points to the index. Engro, Lucky Cement and Engro Fertilizer also played a significant role in the market rally. According to analysts, positive expectations related to the agriculture sector and an increase in construction activities strengthened these sectors.
On the other hand, some major shares in the banking and energy sectors were under pressure. United Bank Limited (UBL) shed about 146 points from the index, while Pakistan Petroleum Limited (PPL) and Systems Limited also contributed negatively.
Economists say that the current market rally is a result of investors’ hope that the upcoming fiscal policy and economic decisions will prove favorable for the business environment. If stability remains on the external payments, interest rates and inflation front, the stock market can show further improvement.
According to business circles, foreign investors are also refocusing on Pakistan’s equity market, which is expected to improve liquidity in the market in the coming days.