PSX hits record high, breaching 142,000-mark

The Pakis­tan Stock Exchange (PSX) reached an unprecedented milestone on Monday, with the benchmark KSE-100 index breaching the 142,000 mark for the first time. The rally was driven by optimism surrounding strong corporate earnings announcements expected this week, alongside a landmark tariff deal with the United States and growing expectations of a resolution to the circular debt crisis in the power sector. Positive performance in sectors such as cement, oil, and gas further bolstered investor confidence, propelling the index to its highest-ever closing level. Ahsan Mehanti from Arif Habib Corporation attributed the market’s surge to speculations ahead of major earnings announcements expected this week. The cement sector was a standout performer, buoyed by reports of record cement dispatches in July, which surged by 30pc year-on-year. Other contributing factors included strong corporate earnings, the favourable US tariff agreement, stability in the Pakistani rupee, the government’s resolve to address circular debt, and lower inflation for July. According to Topline Securities Ltd, the KSE-100 index closed at 142,098 points, marking a gain of 1,018 points, or 0.72pc, its highest-ever closing level. Positive sentiment was also bolstered by the Oil & Gas Development Company’s (OGDC) receipt of its first TFC interest payment of Rs 7.7bn, along with optimism about the upcoming financial results from the cement sector, driven by improved monthly performance. Key contributors to the market’s positive movement included Lucky Cement, Bank Al-Habib, Habib Bank, Hub Power, and Systems Ltd, which collectively added 716 points to the index. On the flip side, Packages Ltd, Engro Holdings, and Pakistan Petroleum lost 134 points.