Karachi: The Pakistan Stock Exchange (PSX) soared to record levels on Monday, with the benchmark KSE-100 Index climbing to an intraday high of 174,411.72 points, up 2,010.99 points (1.17%), as investor optimism surged over significant investment and privatisation developments.
The Hundred Index traded between 173,200.41 and 174,205 points, reaching an all-time high as market sentiment was buoyed by a potential United Arab Emirates (UAE) investment in Fauji Foundation, coupled with a $1 billion rollover liability settlement.
“Bullish activity was witnessed as investors anticipated the UAE’s acquisition of shareholding in Fauji Foundation,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities. “Government deliberation on privatisation of ailing state-owned enterprises, rupee stability, and surging global crude oil prices further acted as catalysts for market gains.”
The stock market began the week on a bearish note but rallied sharply, defying expectations typical of rollover weeks when selling pressure usually dominates as investors adjust portfolios amid futures contract changes. The surge pushed the KSE-100 Index above 172,000 points for the first time in history.
A key driver of market enthusiasm was the successful privatisation of Pakistan International Airlines (PIA), which saw a 75% stake sold to a consortium led by the Arif Habib Group in a deal valued at Rs135 billion ($480 million)—one of the largest privatisation transactions in Pakistan’s history.
The four-day trading week, shortened by the Quaid-e-Azam’s birthday holiday on December 25, ended on a bullish note, highlighting renewed investor confidence and risk appetite in the country’s equity market.
