Bullish Momentum Continues on Pakistan Stock Exchange (PSX)

The Pakistan Stock Exchange (PSX) maintained its bullish momentum on Thursday, with the benchmark KSE-100 index rising by over 300 points to settle at 118,806. The positive market sentiment was driven by across-the-board buying, with key sectors such as commercial banks, fertilizers, power generation, and oil and gas exploration leading the charge.

Stocks in index-heavy sectors, including MARI, POL, HBL, MCB, UBL, KOHC, and LUCK, traded in the green, benefiting from the overall optimism surrounding the market. Investors showed significant interest across various segments, contributing to the continued rise in the market.

Analysts attributed the latest surge in the PSX to the staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities. The agreement, which followed the first review under Pakistan’s Extended Fund Facility (EFF) and included a new arrangement under the Resilience and Sustainability Facility (RSF), boosted investor confidence.

Additionally, positive news related to the oil and gas sector played a role in lifting market sentiment. A recent study conducted by the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) regarding the feasibility of the Reko Diq project in Balochistan sent encouraging signals to investors, further fueling the market’s bullish trend.

The rally in the PSX had already begun earlier this week following the IMF agreement. On Wednesday, the KSE-100 index saw a notable increase, closing at 117,178 points, up by 1,139 points from the previous session. As of Thursday, the market continued to show resilience, reflecting a positive outlook in the wake of recent financial developments.