On Wednesday the Pakistan Stock Exchange staged a strong bullish session, extending a rally that has now run for three consecutive sessions and carried the market to new highs. The benchmark KSE-100 Index advanced by 3,994.62 points, or 2.38 per cent, to close at 172,013.48, compared with 168,018.87 in the previous session. The scale of the gain, close to 4,000 points in a single day, underlines the strength of buying interest and the confidence that investors were showing in the market.
The index moved within a range of 3,931.74 points during the session, reaching an intraday high of 172,287.00 and a low of 168,355.26. The breadth of the range reflects the volatility within the day, even as the overall direction was firmly upwards. The high of 172,287 points shows that the market pushed well above the closing level at one stage, while the low of 168,355 points indicates that it did not fall far below the previous close before recovering.
Topline Securities said the PSX extended its bullish momentum for a third consecutive session amid improving investor confidence and renewed institutional participation. The reference to institutional participation is important, as large investors such as funds and banks can move the market when they buy in size. Their renewed involvement suggests that professional investors see value in the market at current levels and are willing to commit capital.
The BRIndex100 closed at 18,935.24, gaining 515.93 points or 2.80 per cent, on total volume of 633.021 million shares. The gain in the broader index, which covers a wider range of companies, shows that the rally was not confined to a handful of large stocks but spread across the market. Volume of more than 633 million shares indicates active trading, with many investors buying and selling during the session.
Drivers of the rally were a sharp decline in international oil prices and easing geopolitical concerns following the US midterm elections. West Texas Intermediate crude fell below $95 per barrel from the previous session’s high of $98, while Brent declined to $102.50 from $107.34. Lower oil prices are generally positive for Pakistan, which imports oil, because they reduce the import bill and ease pressure on inflation and the external account. The easing of geopolitical concerns after the US midterm elections also helped sentiment, as investors felt more comfortable taking on risk.
On Thursday morning buying continued. At 9:45am the index was hovering at 175,347.48, up 3,334.00 points or 1.94 per cent, and the day’s intraday high reached 176,604.51. The move past 175,000 and then towards 176,600 in early trading shows that the momentum from Wednesday had carried over into the new session, with buyers still willing to push prices higher. The speed of the advance, with more than 3,000 points added in the first part of Thursday morning, is a measure of how strong the rally has become.
In the interbank market the US dollar fell by two paisa to trade at Rs276.68. The small fall in the dollar against the rupee is a separate development from the stock market rally, but it forms part of the wider financial picture on the day. A stable or strengthening rupee can support investor confidence, particularly when it comes alongside falling oil prices.
The PSX will remain closed on Monday, 9 November 2026, for Iqbal Day. The closure is a scheduled holiday, marking the birth anniversary of Allama Muhammad Iqbal, and it means that trading will pause after the end of the week before resuming on Tuesday. For investors, the holiday provides a break in a week that has seen exceptional gains, with the index having risen from above 168,000 on Tuesday to above 176,000 on Thursday morning.
The rally raises questions about how long the momentum can be sustained and what might cause it to pause. For now, the combination of falling oil prices, easing geopolitical concerns and renewed institutional buying has created a powerful upward move, and the market’s performance on Wednesday and Thursday morning reflects that confidence.
Source: Dawn, Business Recorder.
