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The Pakistan Stock Exchange (PSX) closed on Friday on a bullish note as investor confidence remained strong, driven by expectations of a favourable International Monetary Fund (IMF) review and an optimistic earnings outlook. The KSE-100 index gained nearly 450 points, or 0.38%. Market sentiment was further lifted by Moody's upgrade of Pakistan's banking sector outlook and reports of the IMF lowering the tax collection target for FY25 to Rs12.35 trillion, easing fears of a mini-budget. This played a key role in sustaining the rally at the PSX. Looking ahead, analysts anticipate a continued bullish momentum, with 115,000 standing as a key support level and prospects of reaching all-time highs. "Stocks closed bullish on a strong earnings outlook. Investors also weighed Moody's upgrade of Pakistan's banking outlook to positive and reports of the IMF slashing tax collection target for FY25 to Rs12.35 trillion, dispelling fears of a mini-budget," said Arif Habib Corp MD Ahsan Mehanti. At the end of trading, the benchmark KSE-100 index posted a surge of 441.93 points, or 0.38%, and settled at 115,536.17. Arif Habib Limited (AHL) said in its daily report that on Friday 52 stocks advanced, while 40 declined. The top contributors to the index gains were Mari Petroleum (+4.85%), Fauji Fertiliser Company (+1.03%) and Systems Limited (+0.57%) whereas Pakistan Petroleum (-0.83%), PSO (-0.95%) and Lucky Cement (-0.49%) emerged as the biggest drags. In a significant development, it said, Pakistan and the IMF agreed to revise downward the macroeconomic and fiscal framework for the current fiscal year. As part of the revision, the annual tax collection target has been reduced from Rs12.97 trillion to Rs12.35 trillion. According to AHL, the market sentiment remains highly positive, with the KSE-100 index continuing its upward trajectory. The index structure looks strong, with all-time highs now within reach. The 115,000 level is emerging as a key support, suggesting that bullish momentum could accelerate further. Overall, it was a solid week for the KSE-100, which gained 1% week-on-week and hit a high of 115,700, it added. Topline Securities, in its market review, said that the KSE-100 index extended gains as expectations that Pakistan would clear its first review of the $7 billion Extended Fund Facility of the IMF continued to garner investor interest. The top positive contribution to the index came from Mari Petroleum, Fauji Fertiliser Company, Engro Fertilisers, Systems Limited, Air Link Communication and Pak Elektron as they cumulatively contributed 426 points. Traded value-wise, Mari Petroleum (Rs2.68 billion), PSO (Rs2.19 billion), Maple Leaf Cement (Rs1.07 billion), DG Khan Cement (Rs875 million), Fauji Cement (Rs848 million) and Lucky Cement (Rs612 million) dominated the trading activity, Topline added. Muhammad Hasan Ather of JS Global said that the KSE-100 index saw a rally, with the benchmark index closing at 115,536, up 0.4%. The rise was driven by a strong buying momentum in key sectors such as auto, cement, commercial banks and exploration & production. "Looking ahead, the market is expected to remain positive, supported by investor confidence and sectoral strength," he said. Overall trading volumes were recorded at 360.5 million shares compared with the previous session's 382.8 million. The total traded value stood at Rs21 billion, reflecting a decline from Rs25.4 billion in the last session. Shares of 435 companies were traded. Of these, 195 stocks closed higher, 169 fell and 71 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 42.7 million shares, gaining Rs0.50 to close at Rs9.92. It was followed by The Bank of Punjab with 36.1 million shares, losing Rs0.36 to close at Rs13.09 and Fauji Foods with 25.6 million shares, gaining Rs0.84 to close at Rs16.06. During the day, foreign investors sold shares worth Rs166.2 million, according to the NCCPL.
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