The Pakistan Stock Exchange (PSX) continued its historic rally on Wednesday, extending its record-breaking streak for a seventh consecutive session. Investor confidence remained high, with the benchmark KSE-100 index closing at 157,020.80 points, up by 457.27 points or 0.29%, according to Dawn and Geo News.
During the early trading hours, the market experienced a tug-of-war between bulls and bears, fluctuating between 915 points on the upside and 484 points on the downside. By closing time, bullish sentiment took control, driven by strong flows into heavyweight stocks like Engro Fertiliser, Pakistan Petroleum Ltd, and Mari Energies, which together added 363 points. However, Engro Holdings and Habib Bank weighed on the index, subtracting 316 points.
A notable highlight was the overwhelming success of Image REIT’s book-building process, which was fully subscribed in just 90 minutes and is now 1.15 times oversubscribed, as reported by The Express Tribune.
Despite this bullish spell on the PSX, Pakistan continues to face serious economic challenges. Flood-induced disruptions have worsened supply shocks, posing risks to agriculture, infrastructure, and fiscal stability. Analysts warn that these natural disasters may weigh heavily on the broader economic outlook even as the stock market maintains momentum.
On the corporate side, Interloop Ltd exceeded expectations in its FY25 results, announcing an earnings per share (EPS) of Rs3.96 and declaring a Re1 cash dividend. However, overall trading volume dropped 6.76% to 996.27 million shares, with traded value slipping 4.46% to Rs52.7bn.
Ali Najib, Deputy Head of Trading at Arif Habib Ltd, commented that while the PSX remains positive, profit-taking and cautious trading are expected to persist. An AHL Research survey suggests that the State Bank of Pakistan may hold its policy rate at 11%, balancing inflationary pressures, external vulnerabilities, and flood-related challenges.
Looking forward, analysts predict further volatility and consolidation within the 155,000-157,000 range, with 154,000 expected to act as a safety cushion if selling pressure intensifies.
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