KARACHI: The Pakis­tan Stock Exchange (PSX) continued its record-setting streak for a third consecutive session on Monday, with the benchmark KSE 100 index soaring to an all-time high of 163,847 points, up 1,590 points or 0.98 per cent. The rally, which pushed the index closer to the 164,000 mark, was largely driven by aggressive local mutual fund buying and institutional inflows.

According to Topline Se­­curities, the market began the day strong, reaching an intraday high of 1,646 points before settling at its record close. Data from the National Clearing Comp­a­­ny of Pakistan Ltd (NCCPL) indicated that mu­­tual funds were substantial net buyers, sustaining the bullish momentum from Friday’s trading session.

Fauji Fertiliser Company, Pakistan State Oil, Habib Bank Ltd, National Bank of Pakistan, and Faysal Bank Ltd contributed significantly to the index’s pe­­rformance, adding a combined 1,017 points. Howe­ver, declines in stocks such as Engro Holdings, Lucky Cement, and Millat Tractor Ltd saw a partial offset of 206 points.

Despite the strong market performance, trading volume saw a slight dip, falling 25pc to 1.28bn sha­res, while the total traded value decreased by 7.03pc to Rs65.7bn. WorldCall Te­­lecom topped the volume chart, with 118m shares traded.

Analysts noted that institutional inflows, coupled with improving market sentiment, helped maintain the bulls’ grip, pushing the index into uncharted territory.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, highlighted that the momentum was driven by domestic investors, with support levels expected at 162,000 and 160,000 points.

In corporate updates, Ghandhara Automobiles Ltd surprised investors with a year-on-year surge in earnings per share (EPS) to Rs71.85, a rise of 11 times, and a dividend per share (DPS) of Rs10. Air Link Communications Ltd also impressed, reporting an EPS of Rs12.01 and a DPS of Rs7.00, both exceeding expectations.

As the government ent­ers the crucial stage of neg­otiations with the International Monetary Fund (IMF), market participants remain hopeful that any progress on the IMF review will streng­then investor confidence. However, concerns linger regarding the ongoing review and its impact on Pakistan’s fiscal stability, with some analysts noting that achieving targets set by the IMF remains a challenging task.

The ongoing IMF review continues to cast a shadow over market sentiment.

Published in Dawn, September 30th, 2025