Pakistan stock market hits record intraday high, closes slightly lower on profit-taking

Stock brokers monitor share prices on computers during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on February 12, 2024. (AFP/File)
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Updated 04 April 2025
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Pakistan stock market hits record intraday high, closes slightly lower on profit-taking

  • Analysts attributed the bullish sentiment at the start of trading to power tariff cuts announced a day earlier
  • Last week, Pakistan reached a staff-level IMF agreement after the first review under the $7 billion loan program

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit an all-time high during intraday trade on Friday but closed slightly lower as investors opted for profit-taking ahead of the weekend.

The benchmark KSE-100 index surged by as much as 1,858.56 points to a record 120,796.67 during the morning session. However, the index later pared gains and ended the day at 118,791.66 points, down 146.45 points, or 0.12 percent, from the previous close of 118,938.11.

Earlier in the day, Prime Minister Shehbaz Sharif attributed the bullish momentum to investor confidence in his government’s economic policies.

“Positive trend in business at the Pakistan Stock Exchange reflects growing confidence of traders and investors in government’s economic policies,” he said in a statement, citing recent economic measures.

“A major reduction in electricity tariffs has been made, which will not only provide relief to domestic consumers, but it is also welcoming for the business community and industries,” he added.

On Thursday, the government announced a cut of more than Rs7 in domestic and industrial power tariffs. The gains also followed a staff-level agreement with the International Monetary Fund (IMF) last week on the first review of Pakistan’s $7 billion loan program.

Ahsan Mehanti, CEO of Arif Habib Corporation, said the tariff relief and a year-on-year drop in the consumer price index to 0.7% in March had raised expectations of an interest rate cut, contributing to the bullish trend.

“Institutional support on the IMF deal and speculations over the government negotiations on [US President Donald] Trump tariff played a catalyst role in bullish activity at the PSX,” he said while explaining the early market bullish sentiment.

Raza Jafri, head of research at Intermarket Securities, noted that Pakistani equities had been performing well since the Eid al-Fitr break, in contrast to global markets, due to local policy developments.

“Domestic developments such as the ongoing IMF program and cut in electricity tariffs seem to hold more importance for Pakistan, which is relatively insulated from global developments and arguably a net beneficiary if the reduction in international oil prices more than offsets the impact on exports,” he said.

Despite the strong start, analysts said the late pullback reflected investor caution heading into the weekend, with many opting to lock in profits after a sharp early rally.


At least 42 civilians killed in Afghanistan in conflict with Pakistan, UN agency says

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At least 42 civilians killed in Afghanistan in conflict with Pakistan, UN agency says

  • Civilian ​casualties ‌include ⁠those ​caused by ⁠indirect fire, airstrikes, says UN Assistance Mission in Afghanistan
  • Conflict was sparked last Thursday after Afghan forces said were retaliation for Pakistani airstrikes earlier this month

KABUL/ISLAMABAD: At least 42 civilians have been killed and 104 wounded in Afghanistan in the fighting with Pakistan between February 26 and March 2, the United Nations Assistance Mission in Afghanistan (UNAMA) said on Tuesday, as the military conflict between the neighbors entered its sixth day.

Military tensions between the South Asian nations remained high on Tuesday, with Afghanistan saying it had captured another Pakistani post in the ‌Kandahar region and ‌the fighting between the allies-turned-foes was “still ongoing.”

“The civilian ​casualties ‌include ⁠those ​caused by ⁠indirect fire in cross-border clashes...as well as those caused by airstrikes,” the UN agency said, adding that the numbers were “preliminary.”

The conflict — the worst between the countries in years — was sparked last week by what Afghanistan’s Taliban rulers said were retaliatory strikes on Pakistani installations in response to Pakistan’s targeting of militants in Afghanistan.

Afghanistan says Pakistani forces targeted its civilians, a charge Islamabad denies.

Islamabad has ⁠launched air-to-ground missiles at Taliban military sites over the ‌last week, and even directly targeted the ‌Taliban government for the first time over ​allegations it harbors militants executing attacks on ‌Pakistan from its soil.

Pakistani forces destroyed a military base in ‌Nangarhar province of Afghanistan in a successful air operation, Pakistani security sources said on Tuesday.

UNAMA CALLS FOR HALT TO FIGHTING

Both sides have claimed to have killed scores of troops of the other and inflicted heavy damage on military facilities since the fighting ‌began.
Reuters has not been able to verify the numbers.

Pakistani President Asif Ali Zardari, while addressing a joint session ⁠of parliament ⁠on Monday, reiterated that Islamabad would not allow territory in its neighborhood to be used for attacks against it.

“The soil of Pakistan is sacred. We will not allow any entity — domestic or foreign — to use neighboring territory to destabilize our peace,” he said.

UNAMA called for a halt to the fighting and warned that the violence, which has displaced an estimated 16,400 households, has worsened the situation of Afghanistan’s people who were still recovering from successive earthquakes in August and September that killed more than 1,400 people.

“Restrictions on movements in the border area due to the active conflict have ​reduced the capacity of humanitarian agencies ​and partners to deliver life-saving and other assistance in the most-affected areas,” it said.