The Pakistan Stock Exchange (PSX) reached new heights on Tuesday as the benchmark KSE-100 Index crossed the 164,000 and 165,000 levels for the first time in history.
The index surged to an intraday high of 165,315 points, gaining 1,467 points during trading. This record-breaking rally was driven by strong buying across cement, energy, oil and gas, pharmaceutical, and banking stocks. Market heavyweights including ARL, HUBCO, OGDC, POL, PPL, SNGP, SSGC, MCB, MEBL, and UBL traded in the green, further boosting investor sentiment.
Early trading also reflected a bullish trend. By 9:35 am, the KSE-100 had already risen 903 points to 164,751.60. Gains were supported by active participation in automobiles, commercial banks, fertilisers, oil and gas exploration, OMCs, power generation, and refinery sectors.
The surge in the PSX came as Pakistan began crucial talks with the International Monetary Fund (IMF). Discussions focused on fiscal performance, governance reforms, the National Fiscal Pact, capital market reforms, and transparency in development spending. Analysts noted that optimism over progress in these negotiations contributed to the positive market momentum.
Monday’s bullish close also set the tone for the rally. The KSE-100 had jumped 1,590 points, or 0.98%, to close at 163,847.69. Back-to-back gains showed strong investor appetite despite challenges such as inflation and external financing needs.
Global cues also played a role. Asian markets mostly opened higher on Tuesday, with MSCI’s Asia-Pacific index outside Japan climbing 0.5%, marking its best monthly performance in a year. Gold continued its record rally, while Japan’s Nikkei fell for a third straight session.
In contrast, political uncertainty in the United States increased the risk of a government shutdown, which could delay key economic data. Despite global concerns, the PSX maintained its upward momentum, achieving a historic milestone in local market history.
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