KARACHI: The KSE-100 index made a new record with an increase of 357 points led by blue-chip stocks amid IMF calls for privatisation of state-owned enterprises.

The Pakistan Stock Exchange’s (PSX) benchmark, the KSE-100, increased by 356.64 points or 0.38 per cent to 93,648.33 points against 93,291.68 points recorded in the previous session. The highest index of the day remained at 94,020.03 points while the lowest level was recorded at 93,318.91 points.

Analyst Ahsan Mehanti at Arif Habib Corp said that the stock market reached a new peak, largely driven by investments in blue-chip scrips. He attributed this surge to the IMF’s call for privatising SOEs and increased foreign interest due to the revised weight of the market in the MSCI index.

He said that rupee stability and falling bank lending rates following a slump in government bond yields played a catalyst role in the bullish activity at the PSX.The KSE-30 index closed flat with an increase of 0.81 points to 29,017.77 points against 29,016.97 points.

Traded shares increased by 52 million shares to 815.188 million shares from 763.255 million shares. The trading value rose to Rs37.324 billion from Rs30.206 billion. Market capital expanded to Rs12.055 trillion against Rs11.977 trillion. Of the 454 companies active in the session, 227 closed in green, 184 in red and 43 remained unchanged.

Naveed Nadeem, an analyst at Topline Securities, said “the market showed positive momentum, with the index reaching a peak of 94,020 and dipping to a low of 93,319, as investors took a directional stance, driven by lower valuations in the pharma sector,” he said.

The index was lifted by positive contributions from OGDC, PPL, ABOT, SEARL, and GLAXO, which collectively added 399 points. The highest increase was recorded in Rafhan Maize Products Company Limited, which rose by Rs211.95 to Rs7,522 per share, followed by Abbott Laboratories (Pakistan) Limited, which increased by Rs87.42 to Rs984.72 per share. A significant decline was noted in Ismail Industries Limited, which fell by Rs87.46 to Rs1,515.54 per share; Sapphire Fibres Limited followed it, which closed lower by Rs60.29 to Rs1,129.08 per share.

Brokerage Arif Habib Ltd said that the KSE-100 index saw a positive close, gaining 0.4 per cent on a day-over-day (DoD) basis, driven by strength in exploration and production (E&P) companies and the Sui twins.

Pharmaceutical stocks were heavily bid, with many names hitting their upper circuit limits by session’s end. Sui Southern Gas Company (SSGC) rose 10 per cent, while Pak Elektron Limited (PAEL) surged 8.0 per cent, reaching a record 78 million shares traded in a single day.

In company news, Attock Refinery (ATRL), down 4.04 per cent, released a statement via the Pakistan Stock Exchange (PSX) denying recent rumours surrounding a potential sale, which had previously spurred a DoD increase of 9.5 per cent.

Market momentum remains strong, supported by active sector rotation. Near-term support is expected at the 92,000 level, stated the brokerage. Cnergyico PK remained the volume leader with 98.601 million shares which closed higher by 40 paisas to Rs4.52 per share. Pak Elektron followed it with 78.094 million shares, which closed higher by Rs2.15 to Rs29.01 per share.

Other significant turnover stocks included K-Electric Ltd., WorldCall Telecom, BO Punjab, The Searle Company, Citi Pharma Ltd, Sui South Gas, Pak Refinery and Fauji Foods Ltd.In the futures market, 308 companies recorded trading, of which 133 increased, 172 decreased and 3 remained unchanged.