Bulls Return to PSX: KSE-100 Surges 1,600+ Points to Near All-Time Highs

The Pakistan Stock Exchange (PSX) witnessed a major bullish rally on Thursday, with the benchmark KSE-100 index gaining over 1,646 points to close near its record peak. The market sentiment was bolstered by strong buying in the banking and fertiliser sectors, alongside news of significant corporate acquisitions.

Market Performance Overview

The KSE-100 index remained in the green throughout the day, driven by aggressive value hunting.

The index reached an intraday high of 172,248.94, just shy of its 52-week high, before settling slightly lower at the closing bell.

Key Market Drivers

1. Banking & Fertiliser Rally: Major heavyweights such as Engro Fertilizers (ENGROH), Fauji Fertilizer (FFC), and United Bank Limited (UBL) were the primary contributors, collectively adding over 1,200 points to the index.
2. Corporate Moves: Nishat Mills (NML) announced a strategic move to acquire a significant stake (up to 75.69% through affiliates) in Rafhan Maize Products (RMPL). This news sparked excitement in the textile and food sectors.
3. Economic Cues: While the country posted a modest current account surplus of $100 million for November, the market focused on year-end portfolio adjustments and a relief rally following the end of the nationwide transporters’ strike.

Top Contributors & Laggards

• Top Gainers: RMPL (+9.05%), ENGROH (+8.37%), and Cherat Cement (CHCC) (+4.14%).
• Top Losers: Dewan Housing (DHPL) hit the lower circuit (-10.00%), followed by Kohinoor Textile (KTML) and Pioneer Cement (PIOC).

Trading Activity

While the bulls were in control, the overall market volume saw a slight dip compared to the previous session.

• Total Volume: 950.15 million shares (All-Share).
• KSE-100 Volume: 392.43 million shares.
• Traded Value: PKR 54.07 billion.