KARACHI:
Investors made a strong comeback at the Pakistan Stock Exchange (PSX) on Wednesday as optimism prevailed, driving the benchmark KSE-100 index up by nearly 1,500 points.
The market saw an impressive recovery, powered by renewed institutional confidence and strong performances by key sectors. The index opened on a positive note and maintained its bullish momentum for almost throughout the session.
It surged to the intra-day peak of 163,397, fuelled by fertiliser and banking sectors. Though the index registered a couple of dips, during which it touched the intra-day low of 160,565, it quickly regained momentum. At the closing bell, the KSE-100 settled at 163,189, recording a surge of 1,496 points, or 0.93%. The State Bank of Pakistan (SBP) reported that in the latest T-bill auction it raised Rs749.5 billion against the target of Rs650 billion. Yields fell 4-10 basis points across different tenors.
KTrade Securities mentioned in its report that PSX staged a strong rebound, closing firmly in the green. The benchmark KSE-100 index advanced 1,496 points (+0.93%) day-on-day, signalling renewed buying interest after recent pressure. Fertiliser stocks led the charge, with Fauji Fertiliser standing out, while notable strength also came from Meezan Bank, Habib Bank, NBP and OGDC, it said. Market activity remained healthy as the KSE All-Share Index turnover came in at 636 million shares.
KTrade expected the sentiment to stay constructive in the near term, supported by rollover-driven flows and key economic triggers. Investors will also keep a close watch on progress on the next IMF loan tranche. Topline Securities wrote in their review that the KSE-100 index ended the trading session on a strong upward trajectory, marking a gain of 1,496 points. The index fluctuated between the intra-day high of 163,397 and the low of 160,565.
Although the market opened on a volatile note, sustained institutional buying later in the session provided much-needed stability and momentum. Index heavyweights such as Fauji Fertiliser, Meezan Bank, Habib Bank, NBP and OGDC acted as primary drivers of the rally, contributing around 1,058 points to the overall advance, it said.
JS Global analyst Muhammad Hasan Ather stated that bulls dominated at PSX primarily due to stock buying in fertiliser, banking and oil sectors. As a result, the benchmark index closed with a gain of 1,496 points at 163,189. “Moving forward, we expect the market to witness dull activity in the absence of triggers,” he projected.
“As the rollover week progressed, the PSX began to show signs of recovery, with the KSE-100 index closing up by 1,496 points,” commented Arif Habib Limited (AHL) Deputy Head of Trading Ali Najib. He noted that the session opened on a flattish note but it quickly came under selling pressure, which dragged the index to the intra-day low of 160,565 (-1,128 points). However, value hunters stepped in, helping the bourse rebound and remain in positive territory by the end of trading.
Overall trading volumes jumped to 636.4 million shares compared to Tuesday’s tally of 590.5 million. The value of traded shares stood at Rs30.9 billion.
Shares of 474 companies were traded. Of these, 136 stocks closed higher, 290 declined and 48 remained unchanged.
WorldCall Telecom topped the volumes chart with trading in 47.8 million shares, losing Rs0.03 to close at Rs1.82. It was followed by Hum Network with 38.1 million shares, gaining Rs1.49 to close at Rs16.48 and Dost Steels with 34.7 million shares, edging down Rs0.01 to close at Rs7.92. Foreign investors were net sellers of shares worth Rs856 million, according to NCCPL.
