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ISLAMABAD: The Pakistan Stock Exchange (PSX) continued its momentum and gained 1,590 to breach the 163,000-point mark for the first time ever, with market analysts saying aggressive institutional buying was behind the bullish trend.

The benchmark KSE-100 index rose by 0.98 percent to close at 163,847 points as compared to the weekend close of 162,257 points, according to the PSX website.

Maaz Mulla, vice president for equity sales at Karachi-based Topline Securities, said the rally was largely driven by aggressive buying from local mutual funds.

“NCCPL (National Clearing Company of Pakistan Limited) data shows that mutual funds were hefty net buyers on Friday and the momentum carried through to today’s session, giving the market a solid lift,” he said.

The market gained nearly 3,000 points to close the week at an all-time high on Friday as warming United States-Pakistan relations and hopes of an International Monetary Fund (IMF) loan tranche release boosted investor confidence.

Ties have improved between the US and Pakistan as Washington’s relationship with New Delhi has soured over India’s increased purchases of discounted Russian oil amid Ukraine war. President Donald Trump this year raised tariffs on India for those oil purchases, while the US and Pakistan reached a landmark trade deal in July to allow Washington to help develop Pakistan’s largely untapped oil reserves and lower tariffs for Islamabad.

Separately, an IMF mission is currently holding talks with Pakistani officials for the second review of Islamabad’s $7 billion External Fund Facility (EFF) and first review of the $1.4 billion Resilience and Sustainability Facility (RSF) programs.

But despite the positive, the Pakistani stock market slightly slowed down on Monday as compared to the previous session, with volumes recorded at 1,282 million shares and traded value climbing to Rs65.7 billion ($231 million).

“Institutional inflows and improved sentiment ensured the bulls stayed firmly in command, pushing the market higher into new territory,” he said.

ISLAMABAD: Floodwaters continue to recede in Pakistan’s eastern Punjab province as major rivers return to “normal” levels, the Provincial Disaster Management Authority (PDMA) said on Monday, offering a rare sign of relief after weeks of catastrophic flooding.

Heavy monsoon rains and excess water released by Indian dams had caused major rivers in Punjab to swell in late August, triggering widespread floods in the country’s breadbasket province. Nationwide, more than 1,000 people have been killed since the monsoon season began on June 26. In Punjab alone, at least 304 people were killed and over 4,700 villages inundated, with authorities evacuating more than 2.5 million people. Over 4.7 million residents have been affected by the flooding.

“The water flow in Punjab’s rivers is normal,” PDMA Punjab Director-General Irfan Ali Kathia said in a statement. “Water levels in flood-affected areas are showing a significant decline.”

Kathia said the water level at Ganda Singh Wala near the Sutlej River was recorded at 23,000 cusecs and 34,000 cusecs at Sulemanki. On the Chenab River, water levels were measured at 29,000 cusecs near Marala, 27,000 cusecs at Khanki Headworks, and 12,000 cusecs at Qadirabad. These are all barrage-like control structures that regulate flows into Punjab’s canal system.

At Panjnad, where Punjab’s five rivers converge, the water level stood at 73,000 cusecs. The Ravi River flow at Jassar near the Indian border was recorded at 4,000 cusecs and 5,000 cusecs at Shahdara on the outskirts of Lahore.

The water level at Balloki Headworks was reported at 21,000 cusecs, according to the PDMA.

FLOOD DAMAGES

On Sunday, Prime Minister Shehbaz Sharif had directed authorities to prepare a report on flood damages within seven days, saying it was essential for planning recovery and relief operations. The Pakistani premier ordered accelerated relief and rehabilitation measures, saying his government would “not rest until the people in the flood-affected areas are rehabilitated,” according to a statement from his office.

Sharif also directed Planning Minister Ahsan Iqbal to closely monitor aid and recovery operations, convene regular review meetings and ensure coordination between federal agencies and provincial authorities.

He urged preventive steps against waterborne diseases, called for special measures to cultivate suitable crops in flood-hit areas, and instructed the National Highway Authority (NHA) to expedite work on repairing the damaged section of the M-5 motorway near Jalalpur Pirwala.

Officials briefed the prime minister that about 350,000 displaced people had already returned home, while others still in camps in Sindh were expected to return soon as floodwaters recede.