PSX surges over 2,400 points in midday trading

The Pakistan Stock Exchange (PSX) maintained bullish momentum on Friday as the benchmark KSE-100 Index surged over 2,400 points in midday trading. The index climbed to around 172,365 points, marking a gain of approximately 2,453 points, or 1.42%, from the previous day’s close of 169,911.95. It touched an intra-day high of 173,444.89 and a low of 170,758.25, reflecting strong buying interest across the board. Trading activity remained robust, with total volume exceeding 330 million shares on the main board and traded value surpassing Rs29.6 billion. Market breadth was also overwhelmingly positive, with 360 shares advancing, 93 declining, and 112 remaining unchanged out of 565 total shares. Read: PSX jumps nearly 1,400 points on sustained buying interest Buying remained broad-based, particularly in banking, fertilisers, energy, and select textile stocks, as investors responded positively to easing geopolitical concerns in the Middle East and expectations of continued foreign inflows. The positive sentiment was further supported by the successful listing of the Government of Pakistan Hybrid Sukuk (GHS), through which the government raised around Rs109 to Rs116 billion in its inaugural issuance earlier this week. The development is seen as a milestone in diversifying Shariah-compliant funding sources and deepening the domestic debt capital market. Additional corporate announcements, including board meetings and scheme approvals, from companies like PIL and FCIBL, added to the steady flow of market information without any major negative triggers. Earlier on Thursday, PSX continued its rally, where bulls drove the benchmark KSE-100 index sharply higher in early trading before gains were trimmed by the close. Within minutes of the opening bell, the index surged 2,306 points, or 1.27%, reaching an intra-day high of 170,899. Investor sentiment remained upbeat, aided by improving macroeconomic signals and ample liquidity. The index touched a low of 168,941, reflecting some volatility amid intra-day consolidation due to profit-taking. The market eventually settled at 169,911.95, higher by 1,392.01 points, or 0.83%. Overall, the trading pattern highlighted a sustained bullish momentum, though the pullback from highs suggested that investors opted to lock in gains. Despite that, the broader tone remains positive, with macro stability cues and continued participation likely to support the market in the near term. Arif Habib Limited (AHL), in its report, wrote that it was the continuation of the upside for the KSE-100 index, which saw another intra-day move into the 170ks. Some 66 shares rose while 32 fell with UBL (+2.87%), OGDC (+3.48%) and Hub Power (+2.2%) contributing the most to the index gains. In contrast, Bank AL Habib (-1.95%), Meezan Bank (-0.68%) and Bank Alfalah (-1.56%) were the biggest index drags. In economic news, Pakistan's government was planning to hand over control of the national air carrier to an Arif Habib Group-led consortium by the end of April. "Heading into the last session of the week, the KSE-100 was up 1.6% week-on-week with support at 165k," AHL said.