KSE-100 rises 0.48% following recent bouts of selling pressure
\n KARACHI
\nThe Pakistan Stock Exchange (PSX) staged a steady recovery on Friday, with the benchmark KSE-100 index closing above 167,000 points, buoyed by renewed institutional buying and improved investor sentiment.
\nAfter recent bouts of pressure, the market found support as buyers moved in to accumulate stocks at lower levels, helping volumes expand to 687 million shares. Fertiliser and exploration & production (E&P) stocks remained the chief drivers of the upward move, with heavyweights including Fauji Fertiliser Company, Pakistan Petroleum, OGDC, Pakistan Services, Lucky Cement and Systems Limited jointly adding over 600 points to the benchmark index.
\nAnalysts attributed the rebound to confidence stemming from stable domestic flows and improving macro developments, while Topline and AHL highlighted that the index has also posted marginal gains on a weekly basis, with resistance seen near 168k-170k.
\nAt the close of trading, the KSE-100 index posted a modest gain of 802.03 points, or 0.48%, and settled at 167,085.58.
\n\u201cRecovery was observed in the market as the index gained 0.48%,\u201d Topline\u2019s market review highlighted. This positivity can be attributed to buying by local institutions, which came in to buy at dips.
\nTop positive contribution to the index came from Fauji Fertiliser, Pakistan Petroleum, OGDC, Pakistan Services, Lucky Cement and Systems Limited as they cumulatively contributed 607 points.
\nTraded value-wise, Pakistan Petroleum (Rs4.12 billion), Fauji Fertiliser (Rs1.93 billion), OGDC (Rs1.81 billion), PSO (Rs1.67 billion) and Hub Power (Rs1.61 billion) dominated the activity, Topline said.
\nArif Habib Limited (AHL) reported that marginal gains marked trading at the PSX, with the KSE-100 index rising 0.26% week-over-week and hitting the intra-week high of 169.2k points. On Friday, 59 shares advanced while 48 declined.
\nAmong corporate news, AHL said, Pak-Qatar Family Takaful\u2019s registration is set to begin on December 6, followed by book building from December 9. It is offering 50 million shares at Rs14 each \u2013 37.5 million to institutional buyers via book building and 12.5 million to the general public.
\nAlso, Turkey plans to establish a facility in Pakistan for assembling combat drones, boosting Ankara\u2019s international defence industry efforts, according to sources familiar with the matter. Saudi Arabia has extended the term of its $3 billion deposit with Pakistan for another year. Market support for the coming week is seen at 164k-167k, with upside potential still targeting 170k, AHL said.
\nMubashir Anis Naviwala of JS Global noted that the PSX closed on a strong note as the KSE-100 gained 802 points, rebounding sharply after recent pressure.
\nThe index traded between 166,369 and 167,923, showing resilience amid selective buying. E&P and fertiliser sectors drove the rally, while sentiment got support from optimism about economic stability. The near-term outlook stays positive with potential testing of 168k resistance, he said.
\nOverall trading volumes were recorded at 686.8 million shares compared with the previous session\u2019s tally of 607.8 million. The value of shares traded during the day was Rs41.6 billion.
\nShares of 477 companies were traded. Of these, 254 stocks closed higher, 179 fell and 44 remained unchanged.
\nTelecard Limited was the volume leader with trading in 58 million shares, gaining Rs0.70 to close at Rs12.12. It was followed by First National Equities with 44.6 million shares, gaining Rs0.76 to close at Rs20.95 and First Dawood Properties with 40 million shares, gaining Rs0.30 to close at Rs7.12.
\nForeign investors sold shares worth Rs119.6 million, the National Clearing Company reported.<\/p>\n","protected":false},"excerpt":{"rendered":"
KSE-100 rises 0.48% following recent bouts of selling pressure KARACHI The Pakistan Stock Exchange (PSX) staged a steady recovery on Friday, with the benchmark KSE-100 index closing above 167,000 points, buoyed by renewed institutional buying and improved investor sentiment. After recent bouts of pressure, the market found support as buyers moved in to accumulate stocks […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-518638","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n