Pakistan’s stock market achieved a remarkable milestone on January 23, 2026, as the KSE-100 Index closed at an all-time high of 189,167, marking a gain of 1,479 points or 0.79%.
The session began sluggishly, with the index oscillating between 187,000 and 188,000 in the morning.
However, afternoon trading ignited due to swirling rumors of a potential stock split by Fauji Fertilizer Company (FFC), drawing intense buying interest and propelling the benchmark past the 189,000 threshold.
FFC’s Dominant Role and Key Contributors
FFC emerged as the star performer, single-handedly contributing 1,514 points to the index’s rise.
This surge was fueled by speculation around the stock split, which investors viewed as a catalyst for enhanced liquidity and broader retail participation.
Supporting the upward momentum, companies like EFERT, POL, HUBC, and ENGROH added a combined 690 points.
Their gains reflected broader optimism in the fertilizer and energy sectors, amid stable commodity prices and improving economic indicators.
On the flip side, some counters faced profit-taking. PIOC, OGDC, UBL, NBP, and PPL collectively dragged the index down by 478 points, highlighting selective selling in banking and cement stocks.
Macro Indicators and Market Activity
Inflation data provided a positive backdrop, with the Sensitive Price Index (SPI) for the week ending January 22, 2026, showing a 4.18% year-on-year increase but a 0.48% week-on-week decline.
This suggested easing short-term pressures, bolstering investor confidence.
Trading volumes remained robust, with 875.49 million shares exchanged and a total turnover of PKR 58.5 billion.
K-Electric (KEL) led the volume leaders, with 141.4 million shares traded, underscoring strong retail interest in utility stocks.
The day’s performance underscores the market’s resilience, setting a bullish tone as participants await key policy developments.