The Pakistan Stock Exchange (PSX) continued its record-breaking rally for the third consecutive day on Thursday, with the benchmark KSE-100 index reaching a historic intra-day high of 126,025.99 points. The bullish momentum follows strong investor optimism spurred by the recently announced federal budget.
In early trading, the index surged by 1,673.31 points, or 1.35%, reaching a daily peak of 126,055.32 before dipping slightly. The market opened from a previous close of 124,352.68 and recorded a trading volume of over 113 million shares, valued at more than Rs11.3 billion.
This surge builds on Wednesday’s massive 2,328-point gain, when the KSE-100 soared to 124,352.68, the then-highest closing level in history. Analysts attributed the rally to favorable budget measures, particularly the status quo on equity taxation and an increase in withholding taxes on bank deposits, which investors viewed as positive for the stock market.
Broad-based buying was observed across major sectors including cement, oil and gas, banking, and fertilisers. Stocks such as Lucky Cement, Fauji Fertiliser, and Pakistan Petroleum led the charge. Despite some foreign selling amounting to Rs1.1 billion, domestic investor confidence remained robust, supported by strong budgetary projections like a 3.9% fiscal deficit and Rs1 trillion federal PSDP allocation.
