KARACHI: Defying mid-week lethargy triggered by mixed economic indicators, bulls returned to the Pakistan Stock Exchange (PSX) on Thursday, propelling the benchmark KSE-100 index to a record high above the 171,000-point mark amid renewed value-hunting across sectors, though trading volumes thinned.
According to Topline Securities Ltd, strong buying interest from local institutional investors followed a decline in Pakistan Investment Bond yields, which lifted market sentiment. The index surged to an intraday high of 1,935 points before settling at 171,960.65, up 1,646 points or 0.97 per cent day-on-day, reflecting a firm and broad-based rally.
Heavyweights led the advance, with Engro Holdings, Fauji Fertiliser Company, United Bank, Lucky Cement and Bank Alfalah collectively adding 1,504 points to the index. However, losses in Pioneer Cement, DH Partners Ltd and Maple Leaf Cement Factory pared gains by 176 points.
Despite the upbeat tone, market participation weakened. Overall trading volume fell 11.07pc to 950.14 million shares, although traded value rose 4.39pc to Rs54.07bn, indicating selective but higher-value positioning by investors.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX posted a strong bullish performance as buying momentum remained intact throughout the session. He attributed the rally to better-than-expected current account data for November, which bolstered investor confidence and encouraged fresh exposure in key sectors.
On the corporate front, Maple Leaf Cement announced a public offer to acquire 11.72pc of Pioneer Cement at Rs478.43 per share, in addition to a share purchase agreement (SPA) for 58.03pc, taking its intended holding to 69.75pc.
Separately, the Nishat Group signed an SPA to acquire up to 75.69pc of Rafhan Maize Products, while D.G. Khan Cement is set to purchase a 32.71pc stake, underscoring rising merger and acquisition activity in the corporate sector. Market participants expect the benchmark index to test higher levels in the final session of the week. Analysts caution, however, that sustaining the bullish trend will depend on a decisive weekly close above 171,000 points, which would strengthen confidence and validate the broader upward trajectory.
Published in Dawn, December 19th, 2025
