Rally Extends as Bulls Clear PSX’s 185,000 Milestone

• The KSE-100 closed at 185,062.10 points, up 2,653.87 points or 1.45%.
• The index hit an all-time high of 176,658.38 points, up 3,073.22 points or 1.68%.
• The KSE-100 hit a low of 181,182.07, down 1,226.16 points or 0.67%.

The stock market continued its rally on Tuesday, breaking above the 185,000 mark for the first time, as investors switched from fixed income to equities, with optimism around banking results boosting risk appetite.

The benchmark Pakistan Stock Exchange (PSX) KSE-100 index settled at 185,062.10, up 2,653.87 points, or 1.45%, from 182,408.23.

During the session, the index touched a new intraday all-time high of 185,481.45 points, up 3,073.22 points or 1.68%. The index recorded a low of 181,182.07 points, reflecting a drop of 1,226.16 points or 0.67%.

“Due to the continued decline in fixed income instruments, sustained buying momentum is seen continuing to shift into equities,” said Huzaifa Riaz, Director, Mayari Securities (Pvt) Limited.

“The main buying interest was seen in banking stocks due to optimism around year-end financial results,” he added.

In the single share milestones, United Bank Limited (UBL) is now the largest listed company with a market capitalization of PKR 1.27 trillion, beating Oil and Gas Development Company (OGDC) at PKR 1.26 trillion after a strong run in banking.

On the public finance front, Pakistan’s central government debt fell by Rs345 billion (-0.44%) in July-November 2016 to Rs77.543 trillion from Rs77.888 trillion at the end of June, according to State Bank of Pakistan (SBP) data.

Domestic debt stood at Rs 54.619 trillion (up 0.26% from June, up 1.21% y-o-y and 12% y-o-y), while external debt was at Rs 22.925 trillion (down Rs 492 billion, or 2.1%, July–November, down 0.35% on an annual basis).

Authorities cited ongoing efforts to narrow the fiscal gap and the SBP profit carryover of Rs 2.42 trillion in FY25 as supporting factors.

On Monday, the benchmark closed at 182,408.23, up 3,373.3 points (1.88%), after touching a new intraday all-time high of 183,964.37 and a low of 179,535.46.