The stock market continued its upward trajectory, with the benchmark KSE-100 index reaching a series of record highs. On Tuesday, the index closed above 95,000 for the first time in history, following an 861-point rally.
The KSE-100 began the session on a positive note, driven by favorable macroeconomic indicators. During intra-day trading, the index briefly surpassed the 96,000 mark before settling at 95,856.67, marking an increase of 861 points or 0.91%.
According to a post-market report by brokerage house Topline Securities, the market’s positive momentum was fueled by expectations that the Consumer Price Index (CPI) would fall within the 4.5% to 5.0% year-on-year range. This would be the first time in 78 months that inflation is anticipated to drop below 5%.
In October 2024, inflation in Pakistan was recorded at 7.2%.
The technology sector, particularly SYS, attracted significant investor interest following the announcement that OneZapp, a subsidiary of Systems Ltd., had received approval from the State Bank of Pakistan (SBP) to begin commercial operations as an Electronic Money Institute.
The pharmaceutical sector also maintained its upward trend, with companies such as AGP, BFBIO, FEROZ, and ABOT closing higher than in previous sessions, continuing their recent rally.
Key contributors to the index’s rise included SYS, UBL, ABOT, PSO, and EFERT, which collectively added 484 points to the index, according to Topline.
Analysts attributed the market’s positive momentum to improved economic indicators and reports suggesting that no additional tax measures are currently being considered.
