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KARACHI: The Pakistan Stock Exchange (PSX) rebounded on Wednesday, with the benchmark KSE-100 Index rising by 960 points, or 0.81 per cent, to close at 119,931 — its highest-ever closing level and just shy of the 120,000 psychological milestone.
The market opened on a strong note, with the index gaining as much as 1,135 points intraday, buoyed by broad-based buying across key sectors.
Large-cap stocks led the charge, particularly National Bank of Pakistan (NBP), Bank Al Habib, United Bank Limited, Oil and Gas Development Company, and Pakistan Petroleum Limited, which collectively added nearly 480 points to the index, according to Topline Research.
Investor sentiment remained upbeat ahead of the federal budget for the fiscal year 2025-26, as participants repositioned their portfolios in anticipation of favourable policy measures.
The banking sector saw notable interest, with NBP hitting its upper circuit and closing at Rs96.34 — a gain of Rs8.76 or 10pc — amid speculation of a potential Rs20 dividend announcement in the budget.
Refinery stocks also witnessed renewed interest following the government’s decision to clear Rs34 billion in outstanding dues via petroleum pricing adjustments.
This move is expected to enable all five refineries to initiate long-awaited upgrade projects worth $6bn. In response, stocks such as National Refinery Limited, Attock Refinery Limited and Pakistan Refinery Limited recorded strong gains.
According to market data, total traded volume stood at over 667 million shares, with a turnover of Rs26.61bn. K-Electric Limited topped the volume chart with 103.6m shares traded.
While the overall tone remained bullish, some profit-taking was seen in stocks such as Lucky Cement, Habib Metropolitan Bank, Standard Chartered Bank Pakistan and MCB Bank, which collectively knocked 67 points off the index.
“Looking ahead, analysts expect the market to enter a consolidation phase, with support seen around 115,000 and resistance near the 121,000 level, as investors await clarity from the upcoming budget announcement,” said Ali Najib, head of equity sales at Insight Securities.
Published in Dawn, May 22nd, 2025
