ISLAMABAD: Pakistan’s benchmark stock index extended its bullish run and closed at an all-time high on Thursday, with analysts attributing the surge to rising investor confidence over Pakistan’s new tariff deal with the US and economic gains such as surging exports and currency stabilization.
The KSE-100 Index touched an intraday high of 146,081.02 before settling at 145,647.13, up by 558.64 points or 0.39 percent from the previous close of 145,088.49.
Energy, fertilizer and banking stocks led the gains, with Pakistan Petroleum Limited (PPL), Habib Bank Limited (HBL), Engro Fertilizers Limited (EFERT), Oil and Gas Development Company Limited (OGDC) and Systems Limited (SYS) adding 738 points collectively, as per the Pakistan Stock Exchange’s data.
Ahsan Mehanti, chief executive officer of Arif Habib Commodities, said the stocks closed on a new record high as investors weighed the 17 percent year-on-year surge in exports data for July this year, the first month of the new fiscal year.
“Rupee stability, surging global crude oil prices, surging global equities and expected positive outcome of favorable US-Pak tariff deal played catalyst role in bullish close at PSX,” Mehanti told Arab News.
