KSE-100 surges to all-time high as investors welcome the power tariff cut announcement

KARACHI: The Pakistan Stock Exchange (PSX) opened on a positive note after the long Eid holidays and reached an all-time high on Thursday. The benchmark KSE-100 Index surged by 1,131 points after the prime minister announced a cut in the power rates for industrial and domestic consumers, and investors welcomed it.

The KSE-100 Index increased by 1,131.36 points, or 0.96 per cent, to 118,938.11 points, up from 117,806.75 points recorded in the last session. The highest index of the day remained at 119,179.46 points, while the lowest level was recorded at 117,508.07 points.

Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks closed record high after the PM announced industrial power tariff cuts and upbeat CPI inflation data stood at 0.7 per cent YoY in March 25,” which, he said, is likely to further ease SBP policy.

He said worries over 29 per cent massive US reciprocal tariff levies on Pakistan and global equity selloff invited early session pressure. Institutional support on the IMF deal and the Fund’s approval on government resolve for Rs1.5 trillion circular debt crises played a catalyst role in the bullish close at the PSX, he said.

The KSE-30 index increased by 409.56 points 1.13 percent to 36,756.23 points against 36,346.67 points.

Traded shares rose by 93 million shares to 422.702 million shares against 329.99 million shares. The trading value increased to Rs28.211 billion from Rs19.775 billion. Market capital expanded to Rs14.491 trillion from Rs14.374 trillion. Of the 452 companies active in the session, 247 closed in green, 154 in red, and 51 remained unchanged.

Analyst Naveed Nadeem at Topline Securities said the KSE-100 index reached a historic peak of 118,938, gaining 1,131 points (0.96 per cent). The local stock market showed robust performance, with the benchmark index climbing by as much as 1,373 points. “This surge was driven by the government’s decision to lower electricity tariffs, which provided relief to consumers and industries, thereby boosting market sentiment,” he said.

The market’s gains were primarily fuelled by strong performances from UBL, MEBL, MARI, LUCK and OGDC, which collectively added 839 points to the index.

The highest increase was recorded in Philip Morris (Pakistan) Limited, which rose by Rs81.16 to Rs892.71 per share, followed by Siemens (Pakistan) Engineering, which increased by Rs69.32 to Rs1,583.82 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs81.06 to Rs22,920.05 per share, Service Industries Limited followed it, which closed lower by Rs51.44 to Rs1,197.56 per share.

Analyst Muhammad Hasan Ather at JS Global said the KSE-100 closed at record highs as investor optimism surged following government initiatives. Positive announcements regarding cheaper electricity and efforts to eliminate circular debt fuelled the rally. “Ongoing reforms should continue to stabilise market performance,” he said.

Sui South Gas remained the volume leader with 53.236 million shares, which closed higher by Rs3.09 to Rs39.71 per share. Cnergyico PK, with 20.023 million shares, followed it, which closed lower by 9 paisas to Rs8.17 per share.

Other significant turnover stocks included Pak Elektron, WorldCall Telecom, BO Punjab XD, Fauji Cement, Pak Int Bulk, Maple Leaf, K-Electric Ltd and DGK Cement.

In the futures market, 317 companies recorded trading, 224 of which increased, 83 decreased and 10 remained unchanged.