Bullish Run Continues at Pakistan Stock Exchange
The Pakistan Stock Exchange (PSX) concluded Friday's trading session on a robust upward trend, with the benchmark KSE-100 index surging by 1,304.39 points, or 0.79%, to settle at 166,677.70. This marked the second consecutive session of substantial gains, extending a positive weekly and monthly performance that has revitalized investor sentiment.
Key Drivers and Market Performance
The rally was primarily fueled by robust institutional inflows and strategic value hunting in major sectors. Analysts from JS Global, led by Muhammad Hasan Ather, highlighted that the bullish momentum was supported by increased activity in heavyweight sectors such as banks, cement, and fertiliser. Market breadth remained positive, with 75 stocks advancing against 24 that declined.
On a weekly basis, the KSE-100 index gained 2.8% (WoW), closing firmly above the 166,000 level. The monthly data for November was equally impressive, showing a 3.12% increase (MoM), despite a noticeable slowdown in overall trading activity. The average daily traded value and volume for November stood at Rs34.8 billion (down 34% MoM) and 819 million shares (down 42% MoM), respectively.
Top contributors to the index's performance included Systems Limited (+3.89%), Pakistan Petroleum (+2.48%), and Hub Power (+1.62%). Conversely, Fauji Fertiliser (-1.17%), Fatima Fertiliser (-3.64%), and Engro Fertilisers (-0.61%) were among the stocks that exerted downward pressure.
Corporate News and Economic Context
In significant corporate developments, Ghandhara Industries gained 4.28% following its announcement of a partnership with Zhongtong Bus Holding to introduce and distribute luxury buses in Pakistan. In a supportive policy move, Prime Minister Shehbaz Sharif directed the Federal Board of Revenue to reduce the super tax on large companies.
The broader economic landscape provided a mixed backdrop. Key data points from the outgoing month included the Consumer Price Index for October 2025 registering at 6.2% YoY. Remittances showed strong growth, reaching $3.42 billion (up 12% YoY and 7% MoM). However, the current account balance shifted to a deficit of $112 million for October, compared to a surplus of $83 million in September.
Trading activity on Friday saw overall volumes hit 593 million shares, up from the previous tally of 498 million. The value of shares traded during the day was Rs42 billion. Shares of 478 companies were traded, with 238 closing higher, 199 falling, and 41 remaining unchanged. Sui Southern Gas Company led the volume chart with 39 million shares traded, gaining Rs3.59 to close at Rs39.47. It was followed by The Bank of Punjab and WorldCall Telecom. Notably, foreign investors sold shares worth Rs1 billion.
Analyst Outlook and Future Trajectory
With the KSE-100 index now approaching the upper band of its 160,000–170,000 consolidation range, the near-term outlook is viewed as constructive. Analysts have set an upside target of 170,000 for the index, with immediate support expected around the 164,000 level. However, experts caution that the potential for a technical pullback remains after the sharp gains witnessed recently. The sustained momentum, driven by improved market breadth and steady inflows, suggests that investors maintain a positive outlook on the economic front.
