KARACHI, Dec 18 — The Pakistan Stock Exchange (PSX) extended its record-breaking rally on Wednesday, nearing 172,000 milestone, with the benchmark KSE-100 Index closing at a new all-time high of 171,961 points after gaining 1,646 points, or 0.97%.
The bullish momentum remained robust throughout the session, fueled primarily by better-than-expected current account figures for November, which boosted investor sentiment and triggered fresh buying across major sectors.
Fertilizer, banking, and cement stocks led the advance, collectively contributing over 1,500 points to the index. Key performers included ENGRO Holdings, Fauji Fertilizer Company (FFC), United Bank Limited (UBL), Lucky Cement (LUCK), and Bank AL Habib (BAHL).
Market participation stayed healthy, with total traded volume reaching 947.7 million shares and turnover hitting Rs 54 billion. TPL REIT Fund I (TPLRF1) topped the volume charts with around 75.8 million shares changing hands.
Corporate developments added to the positive vibe. Maple Leaf Cement Factory (MLCF) announced a public offer to acquire an additional 11.72% stake in Pioneer Cement at Rs 478.43 per share, complementing an earlier share purchase agreement for 58.03%, taking its intended total holding to 69.75%.
In another notable deal, the Nishat Group signed an SPA to acquire up to 75.69% of Rafhan Maize Products Limited (RMPL), a leading maize-based food processor with annual sales of approximately Rs 75 billion. DG Khan Cement (DGKC) is set to secure a significant 32.71% stake as part of the transaction, underscoring rising M&A activity in the market.
Analysts noted that sustained foreign inflows and improving macroeconomic indicators continue to support the bullish trend.
Outlook: The index may push toward further highs in Thursday’s session, the last of the week. However, a decisive weekly close above the psychological 170,000 level will be crucial to confirm the uptrend and maintain investor confidence.