KARACHI: The stock market continued its record-setting streak for the second consecutive session on Thursday, pushing the benchmark KSE 100 index above 118,000.

Topline Securities Ltd said the stock market continued its bullish momentum, reaching record-high levels with a record-high trading value in nearly two months. The benchmark index surged to an intraday high of 1,447 at 119,421.81 points before settling at 118,769.77, a rise of 795 points or 0.67pc day-on-day.

This strong upward movement was primarily driven by aggressive buying from local mutual funds, as investor confidence remained high on expectations of an imminent IMF review, which might be completed earlier than expected.

Mari Energies stole the spotlight, recording a staggering Rs7.17 billion in traded value, as investors speculated on a potential announcement in its emergent board meeting scheduled for Friday.

The uptrend was primarily driven by Mari Energies, Systems Ltd, Fauji Fertiliser, Pakistan Petroleum, and Hub Power, collectively contributing 850 points to the index. Conversely, Engro Holdings, United Bank, and Bank Al-Habib exerted downward pressure, trimming 142 points from the gains.

Ahsan Mehanti of Arif Habib Corporation said the PSX reached an all-time high led by blue chip scrips as investors weighed IMF’s conditional readiness to approve the Rs1.5tr circular debt management plan and projections for thin inflation for March.

He added that the government deliberation on privatising state-owned enterprises and expectations of IMF approval over a cut in industrial power tariff fuelled the bull run at PSX.

Ali Najib, Head of Sales at Insight Securities, said the northward journey was driven by IMF clarity, economic stability, and sectoral demand recovery. “Investors are now betting long-term gains despite volatility. Their confidence rose as Pakistan will likely secure a Rs1.25tr financing deal to manage circular debt. ” he observed.

Market participation was robust as the trading volume rose 22.72pc to 667.87 million shares while the traded value increased 19.23pc to Rs38.52bn day-on-day.

Stocks contributing significantly to the traded volume included Cnergyico PK (163.97m shares), The Bank of Punjab (45.89m shares), Pakistan Refinery (45.14m shares), Sui Southern Gas (25.17m shares) and PIA Holding Company (19.98m shares).

The shares registering the most significant increases in their share prices in absolute terms were Mari Energies (Rs57.72), PIA Holding Company [B] (Rs55.45), Macter International (Rs40.38), Exide Pakistan (Rs32.43) and Service Industries (Rs30.35).The companies registering significant decreases in their share prices in absolute terms were Sapphire Textile (Rs23.20), Nestle Pakistan (Rs18.41), Rafhan Maize (Rs10.94), Philip Morris (Rs9.83) and Ismail Industries (Rs8.16).

Published in Dawn, March 21st, 2025