KSE-100 Index adds 1,761.66 points as investors return to commercial banks, energy and fertiliser stocks
KARACHI
The Pakistan Stock Exchange (PSX) extended its winning streak on Thursday as investors looked beyond lingering concerns over volatile oil prices and the fragile regional peace situation, betting instead on improving market sentiment and selective buying in heavyweight stocks.
The market opened on a firm footing and wasted little time building momentum, with buying interest accelerating during early trade. Although some profit-taking emerged after the benchmark briefly crossed the 182,000-point mark, it failed to derail the rally.
The benchmark KSE-100 Index surged 1,761.66 points, or 0.98%, to settle at 181,776.60 after moving between an intraday high of 182,007.04 and a low of 180,626.93.
Broad-based buying was witnessed in automobile assemblers, cement, chemical, oil marketing companies, commercial banks, fertiliser, oil & gas exploration companies and power generation stocks, helping the market maintain its upward trajectory.
Despite the strong close, investors remained mindful of external risks, including uncertainty surrounding global oil prices and the evolving regional geopolitical landscape. However, those concerns were outweighed by renewed confidence in local equities, allowing the market to post another robust gain.
KTrade Securities observed that it was a broad-based rally, with buying interest visible across nearly all major sectors. Commercial banks, oil and gas, cement, fertiliser, and power generation and distribution stocks led the advance, while heavyweight names including UBL, Mari Energies, Fauji Fertiliser, Bank Al Habib, Lucky Cement, Engro Holdings, Maple Leaf Cement and Hub Power collectively drove the benchmark higher, reflecting renewed institutional participation in blue-chip stocks.
The brokerage said sentiment also drew support from relatively stable global energy prices, with Brent crude hovering around $80 per barrel, alongside positive regional developments, including Pakistan and Iran’s agreement to keep border crossings open round the clock to facilitate trade and reports of diplomatic talks involving Iran and Oman.
Looking ahead, KTrade expected investors to focus on upcoming corporate earnings, macroeconomic developments and international news flow. If the positive momentum and institutional buying continue, the KSE-100 Index could extend its gains in the coming sessions, although some profit-taking at higher levels is likely following Thursday’s sharp rally.
Cumulatively, trading volume increased to 793.3million shares compared with Wednesday’s total of 740.5million. The value of traded shares stood at Rs40.3billion. Shares of 495 companies were traded.
Of these, 283 stocks closed higher, 180 fell and 32 remained unchanged. The Bank of Punjab emerged as volume leader with trading in over 60million shares, gaining Rs1.25 to close at Rs36.00.
