Positive momentum fuels rally, KSE-100 crosses 169,000 level

Equities opened positively with the benchmark KSE-100 Index crossing the 169,000 level for the first time in history during the opening minutes of trading on Friday. At 9:35am, the benchmark index was hovering at 169,007.04, an increase of 517.42 points or 0.31%. Buying interest was seen in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including HUBCO, OGDC, POL, SNGPL, SSGC, DGKC, and INDU, traded in the green. Analysts attributed the ongoing momentum to positive economic indicators and excess liquidity available in the market. “The market rally is being fueled by improving macroeconomic stability, strong corporate earnings momentum, and renewed investor confidence,” Waqas Ghani, Head of Research at JS Global, told Business Recorder.