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ISLAMABAD: The Pakistan Stock Exchange (PSX) breached the 168,000 mark on Friday, hitting a record high, with analysts attributing the gains to cement, urea and oil stocks driving the market rally.

The benchmark KSE-100 index rose by 0.3 percent, or 500.45 points, to close at 168,995.74 points as compared to the previous close of 168,489.62 points, according to the PSX data.

Ahsan Mehanti, chief executive officer of Arif Habib Commodities, said stocks hit an all-time high on speculation ahead of major earnings announcements expected next week.

“Reports of a surge in cement sales by 16 percent, urea sales by 18 percent and oil sales by six percent year on year for September 2025 [affected the market sentiment],” he told Arab News. “Repayments to Pakistan State Oil for power sector circular debt dues and rupee stability also played a catalytic role in record bullish activity at PSX.”

Pakistan’s cement sector posted a 16.2 percent increase in the third quarter of 2025 by touching 12.1 million tons, recording an increase of 1.7 million tons from the same period last year.

Domestic sales, according to All Pakistan Cement Manufacturers Association, rose by 15 percent to 9.5 million tons compared to 8.3 million tons last year while cement exports grew by 21 percent to 2.5 million tons.

Urea sales in Pakistan also rose to 816,000 tons in August, up 46 percent year-on-year and 34 percent month-on-month, according to Pakistan’s National Fertilizer Development Center.

Meanwhile, Muhammad Saad Ali, Head of Research at Lucky Investments, said strong liquidity and positive news on the geopolitical and foreign policy fronts boosted market optimism.

“But I think more recently banks have stretched the rally and today there was optimism around refinery policy and refinery sector,” he added.

“Generally, the market mood is positive, every week they pick a sector and rally that, banks have done quite well, and refineries are also in the limelight.”

Pakistan’s stock market has outperformed all other asset classes this year, repeatedly breaking record highs as strong corporate earnings, robust liquidity and improving investor sentiment drive gains.

KARACHI: Thousands of people staged pro-Palestine demonstrations after the Friday prayer congregations across Pakistan, joining global protests against Israel’s seizure of an aid flotilla with high-profile international rights activists and a former Pakistani senator attempting to breach the blockade of Gaza.

The rallies were held on the call of a prominent religio-political party, Jamaat-e-Islami (JI) over the interception of the Global Sumud Flotilla, which set sail in late August and was transporting medicine and food to the besieged Palestinians in Gaza.

The convoy consisted of more than 40 civilian vessels with about 500 parliamentarians, lawyers and activists and was intercepted on Wednesday by Israeli forces. Organizers said the flotilla aimed to highlight what the United Nations has described as “famine conditions” in Gaza after nearly two years of war.

“All the nations in the world should raise their collective voice against Israel’s atrocities,” Monem Zafar Khan, the JI chief in Karachi, said while addressing a demonstration outside a mosque in Karachi.

“The blockade of Gaza is a crime against humanity and those trying to break it should be supported,” he added.
Gaza has faced a significant humanitarian crisis since the imposition of Israel’s blockade in March this year, which severely restricted access to food, water and medical supplies for its residents. Aid agencies and the United Nations have warned of mass starvation and rising child malnutrition in the region, home to around two million people, where only a few humanitarian trucks have been allowed in.

Israel has launched a sweeping offensive in Gaza since October 2023, killing more than 65,000 people, most of them women and children.

The JI Karachi chief also called upon the Pakistan government to secure release of his party member and ex-senator Mushtaq Ahmed Khan, who was part of the flotilla and is believed to be in Israeli’s detention.

Pakistan’s foreign office condemned Israel’s interception of the flotilla and said it was working with international partners to secure the release of its nationals. Prime Minister Shehbaz Sharif also praised their “dignified participation” in the effort to help the residents of Gaza while calling for their immediate return.

Large demonstrations were also held in other cities such as Lahore, Islamabad, Peshawar, Multan, Faisalabad and Quetta.

In Karachi, hundreds waving Palestinian flags and chanting anti-Israel slogans poured into the streets outside the mosques in various neighborhoods of the city.

Meanwhile, in Israel’s southern port of Ashdod, the country’s far-right National Security Minister Itamar Ben-Gvir was filmed visiting the site where activists were being held, accusing them of supporting “terrorism” in a video that was circulating on Friday.

In the footage, the activists are seen sitting cross-legged on the floor while Ben-Gvir stands and delivers his accusations. One person is heard shouting back “Free Palestine” but it was not immediately clear from the footage who that was.

By Friday afternoon, at least four Italian citizens were deported, Israel’s Foreign Ministry posted on X. “Israel is keen to end this procedure as quickly as possible,” the ministry said.

The developments come after protests were also reported in London, Paris, Madrid, Sydney and Buenos Aires, with demonstrators carrying banners reading “Free Gaza” and “End the Siege.”

Pakistan, which does not recognize Israel, has seen regular demonstrations since the Gaza war broke out nearly two years ago, led largely by religio-political parties.

JI has also given a call for a march in Karachi on Sunday, hoping it to be one of the largest pro-Palestinian rallies in the country this year.