Bulls rally 2,476 points on IMF news
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KARACHI: The scheduling of the International Monetary Fund’s executive board meeting for Dec 8, where the approval of $1.2 billion under two programmes is expected, along with the smooth passage of the 27th Amendment from parliament, provided a much-needed boost to the Pakistan Stock Exchange (PSX) on Thursday.
These key developments fostered a sense of economic stability, leading to renewed buying interest among investors across the board on Thursday.
According to Topline Securities Ltd, the bulls marched strongly as the KSE-100 index surged to an intraday high of 2,760 points before settling at 160,657.50, up by 2,473.55 points or 1.56 per cent. The rally was fuelled by renewed investor optimism following merger and acquisition developments in the cement sector.
On the news front, Maple Leaf Cement announced plans to acquire Pioneer Cement (PIOC), as per a notice to the exchange. MLCF and Maple Leaf Capital (MLCL) jointly hold an 18.6pc stake in PIOC, while the Habibullah Group controls around 58pc through multiple holdings, with the remainder held by public shareholders. The potential consolidation in the sector lifted investor sentiment, steering the market firmly into bullish territory.
Index-heavy stocks, including Fauji Fertiliser, Lucky Cement, MLCF, DG Khan Cement and Mari Energies, were among the major gainers, collectively contributing 1,309 points to the benchmark. On the flip side, Habib Metropolitan Bank Ltd, Air Link Communication Ltd, TRG Pakistan and International Industries Ltd together shaved off 54 points.
Ali Najib, Deputy Head of Trading at Arif Habib Ltd, noted that the PSX regained its consolidation zone of 160,000-170,000.
On the economic front, the latest T-bill auction saw the government raise Rs492.9bn against a target of Rs550bn, with robust participation of Rs1.62tr and mixed movement in yields.
Globally, oil prices slipped over 4pc after Opec forecast a slight supply surplus in 2026, marking a shift from its previous deficit outlook, good news for net oil-importing countries like Pakistan.
Market activity improved modestly, with trading volume rising 5.27pc to 796 million shares and total value increasing 5.12pc to Rs35.1bn. Bank Makramah led the board with 112.1 million shares traded.
Published in Dawn, November 14th, 2025
