The Pakistan Stock Exchange (PSX) continued its record-breaking streak as the benchmark KSE-100 index surpassed the 97,000 mark, closing at an all-time high on Thursday. The index maintained an upward trajectory throughout the trading session, reaching an intra-day peak of 97,437.15.

By 3:30 PM, the KSE-100 settled at 97,328.39, marking an increase of 1,781.94 points or 1.86%. According to a note from Arif Habib Limited (AHL), this exceptional performance reflects a 55.9% gain year-to-date in 2024 and a 9.5% increase month-to-date.

Significant buying activity was observed in sectors such as automobile assemblers, commercial banks, fertilizers, pharmaceuticals, and refineries. Stocks like NRL, HASCOL, PSO, EFERT, FFBQL, HBL, and NBP traded positively.

“Investor interest was particularly concentrated in the fertilizer sector, considered defensive stocks that are less impacted by market volatility and offer double-digit dividend yields,” said Saad Hanif, an analyst at Ismail Iqbal Securities, in an interview with Business Recorder.

The recent upward trend in Pakistan’s stock market is driven by optimism stemming from positive macroeconomic indicators and expectations of further reductions in key policy rates. Experts noted that investor concerns over the political protest scheduled for November 24 have eased, contributing to the market’s positive momentum.

“We believe the positive trend is likely to continue, given the key drivers of the current rally—falling rates, the smooth progress of the IMF program, and a quieter political landscape—remain intact,” stated Intermarket Securities in a note. However, they cautioned that the upcoming PTI protests, set to begin on November 24, will be a key checkpoint for the market.