The Pakistan Stock Exchange (PSX) staged a powerful recovery on Thursday, with the benchmark KSE-100 index surging to an intraday high of 1,617 points before closing at 113,713, up 1,459 points (1.30%).

Topline Securities in its market report said that investor sentiment was bolstered by a sharp decline in global oil prices, which hit multi-year lows, and optimism surrounding a high-level meeting on the resolution of the country’s longstanding circular debt issue.

The rally was spearheaded by energy sector giants, including Pakistan Petroleum Limited (PPL), Oil & Gas Development Company (OGDC), Mari Petroleum (MARI), Pakistan State Oil (PSO), and Sui Northern Gas Pipelines (SNGP), collectively adding 835 points to the index.

Trading volumes remained robust, with 372 million shares exchanged, generating a total turnover of Rs 26.2 billion. PIBTL led the volume charts, with 48 million shares changing hands.

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Ahsan Mehanti of Arif Habib Corp attributed the bullish momentum to growing speculation ahead of the State Bank of Pakistan’s (SBP) policy announcement on March 10.

“Investor expectations for further monetary easing, following stable T-bill yields and decade-low CPI inflation at 1.5% YoY in February 2025, along with a bull run in Asian equities on Trump tariff relief hopes, acted as key catalysts for today’s rally,” Mehanti said.