KARACHI: The Pakistan Stock Exchange (PSX) saw a surge in bullish momentum on Friday, with the benchmark KSE-100 Index climbing nearly 900 points in the second half of the session. At 4:10pm, the index stood at 167,176.11, up 892.56 points or 0.54%.
Across-the-board buying interest was evident in key sectors, including automobile assemblers, cement, fertiliser, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), and power generation. Index-heavy stocks such as ARL, HUBCO, MARI, OGDC, POL, PPL, SSGC, NBP, and UBL all saw positive movement.
The rally was driven by several positive developments. The Saudi Fund for Development (SFD) extended the term of its USD 3 billion deposit, which was due to mature on December 8, 2025, for another year. The extension is expected to strengthen Pakistan’s foreign exchange reserves and contribute to the country’s economic growth.
Additionally, President Asif Ali Zardari approved Prime Minister Shehbaz Sharif’s summary appointing General Syed Asim Munir as the country’s first Chief of Defence Forces (CDF) for a five-year term. This move also helped bolster investor sentiment.
On Thursday, the PSX saw a steady recovery, with key indices regaining ground following a heavy spell of institutional selling earlier in the week. The KSE-100 Index closed slightly higher at 166,283.55 points, up 138.20 points or 0.08%.
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