Karachi, November 29, 2025 – The Pakistan Stock Exchange (PSX) witnessed a week of bullish momentum from November 24 to 28, pushing the benchmark KSE-100 Index up by 2.82%.
According to analysts at Arif Habib Limited (AHL), the index gained 4,575 points, closing at 166,677, as market sentiment strengthened across multiple sectors.
Fertilizer stocks saw notable gains after reports highlighted FFC’s strong performance ahead of its upcoming inclusion in the KMI-30 Index. Oil and gas companies also rallied, with PPL benefiting from positive developments regarding Reko Diq’s financial closure, while OGDC gained further momentum following its fifth interest payment of PKR 7.725 billion.
Investors remain optimistic ahead of the IMF Executive Board meeting on December 8, which is expected to approve a USD 1.2 billion disbursement under the EFF and RSF programs. This would bring total disbursements to roughly USD 3.3 billion, supporting macroeconomic stability.
In the latest T-bill auction, the State Bank of Pakistan (SBP) accepted PKR 749 billion against bids of PKR 1.803 trillion, with the 12-month tenor receiving the highest interest at a cut-off yield of 11.27%. Broad money (M2) stood at PKR 39.98 trillion as of November 14, reflecting 12.15% YoY growth, while private sector credit slightly declined by 0.68%.
Pakistan’s foreign exchange reserves rose by USD 9.2 million WoW to USD 14.6 billion, with total reserves at USD 19.6 billion, providing 2.36 months of import cover. The Pakistani Rupee strengthened slightly, closing at PKR 280.52 against the USD.
Market experts expect the positive momentum to continue next week, fueled by IMF fund disbursement expectations and supportive macroeconomic indicators. The KSE-100 currently trades at a PER of 8.42x, offering a dividend yield of approximately 5.8%, close to its historical average.