The Pakistan Stock Exchange (PSX) scaled a fresh all-time high on Friday, with the benchmark KSE-100 index crossing the 189,000-point mark amid volatile trading, as investor buying picked up ahead of a key monetary policy decision due next week.
Read More: PSX rebounds, gains 655 points to close at 187,688
According to market data, the KSE-100 index closed at 189,166.83 points, gaining 1,478.67 points, or 0.79 per cent, during the session. The rally came as investors positioned themselves for a potential cut in the policy rate by the State Bank of Pakistan’s Monetary Policy Committee, which is scheduled to announce its decision on Monday.
Market Snapshot – January 23rd, 2026
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• KSE-100: Pullers & Draggers
• KMI-30: Pullers & Draggers pic.twitter.com/rLjiXOUp8s— PSX (@pakstockexgltd) January 23, 2026
Market sentiment was buoyed by easing inflation, rising foreign exchange reserves and relative stability in the rupee. Expectations of monetary easing were reinforced after the government lowered cut-off yields across most tenors to single digits at its treasury bills auction on January 21, marking the first such move in nearly four years. Analysts believe this could pave the way for a 50 to 100 basis points reduction in the benchmark interest rate, currently at 10.5 per cent.
Trading remained range-bound in the first half of the session, with the index fluctuating between 187,000 and 188,000 points. Momentum strengthened later in the day amid speculation of a potential stock split at Fauji Fertiliser Company (FFC), which triggered aggressive buying and pushed the index to a historic close.
Arif Habib Ltd noted that FFC alone contributed 1,514 points to the index. Other major gainers included Engro Fertiliser, Pakistan Petroleum Ltd, Hub Power and Engro Holdings. However, selling pressure in Pioneer Cement, Oil and Gas Development Company, United Bank, National Bank and Pakistan Petroleum trimmed overall gains.
Read More: PSX sheds 1,588 points to close at 187,033
Market participation eased, with trading volumes declining to 875.49 million shares, though the value of shares traded rose to Rs58.5 billion. K-Electric led the volume chart with 141.4 million shares exchanged.