A strong PSX rally on Wednesday saw the benchmark KSE-100 Index climb by over 950 points, marking a sharp recovery fueled by investor optimism ahead of the FY26 budget. The index closed at 119,931.45, gaining 960.33 points or 0.81%, after touching an intra-day high of 120,106.21.
Investor Confidence Returns
After a dip in the previous session, investor sentiment turned bullish. Market participants realigned portfolios in anticipation of upcoming fiscal measures. Large-cap stocks dominated the gains, with key contributions from NBP, BAHL, UBL, OGDC, and PPL. These five stocks alone added around 480 points to the index, according to Topline Securities.
Refinery Stocks Lead the Way
The refinery sector saw renewed interest following the government’s decision to clear Rs34 billion in outstanding dues through petroleum pricing adjustments. This move unlocked a pathway for all five major refineries to begin $6 billion worth of upgrade projects. As a result, stocks like NRL, PRL, and ATRL closed with notable gains.
Read: Pakistan, China, Afghanistan to Expand CPEC for Regional Stability
Volume and Value Surge
Trading activity spiked as total volume on the all-share index jumped to 667.68 million shares from 437.92 million a day earlier. The total value of traded shares also rose sharply to Rs26.62 billion from Rs20.81 billion.
K-Electric Ltd led in volume with 103.65 million shares traded, followed by Kohinoor Spinning with 40.32 million and WorldCall Telecom with 36.28 million shares.
Currency Movement and Global Impact
Despite the local market rally, the Pakistani rupee weakened slightly against the US dollar, closing at 281.97 with a loss of Re0.05.
International markets showed mixed signals. Asian equities edged higher, while Japan’s Nikkei dipped. Crude oil prices climbed over $1 per barrel amid fears of geopolitical tension following reports of a possible Israeli strike on Iranian nuclear facilities.
Overall, 463 companies traded on the PSX. Among them, 287 saw gains, 125 declined, and 51 remained unchanged, reinforcing the bullish sentiment on the trading floor.
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