PSX sees strong gains with KSE-100 Index rising 1.43%

Stock market gains 1,625.08 points to reach 115,662.87 points during intra-day trading.

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The Pakistan Stock Exchange (PSX) saw a notable surge on Friday, with the index rising by 1.43%, reaching 115,662.87 during intra-day trading at 12:45 PM.

The KSE-100 index gained 1,625.08 points before the market was suspended for Friday prayers.

The market hit a high of 115,696.40 and a low of 114,383.16, showing strong positive movement throughout the day.

Trading volume totaled 144.6 million shares, indicating robust market activity and investor confidence.

The total value of shares traded amounted to approximately 12.88 billion. The previous close was 114,037.79, reflecting the positive market sentiment and investor optimism.

Source: PSX

Earlier on Thursday, the Pakistan Stock Exchange (PSX) saw a modest recovery, driven by a rally during the earnings season. This positive movement was influenced by a drop in bond yields and expectations of an industrial power tariff reduction following the IMF's approval.

Analysts also pointed to a $1.2 billion current account surplus for July-December 2024, easing political risks, and speculation surrounding the State Bank of Pakistan's upcoming monetary policy decision as catalysts for the surge.

The KSE-100 index reached an intra-day high of 114,320 points before closing at 114,038, up by 594 points (1.43%). Cement stocks and foreign corporate buying played a key role in this uptick.

Analysts are anticipating a 100-basis-point rate cut in the upcoming SBP policy meeting, which further fueled market optimism.

Top performers included Engro, PSO, Fauji Cement, The Searle Company, and Maple Leaf Cement, which contributed significantly to the index’s gain.

However, UBL, Fauji Fertiliser Company, and Meezan Bank were among the main laggards. Cement and pharmaceutical stocks were standout performers during the day.

Despite the positive session, the KSE-100 was down 1.07% week-on-week. The focus now shifts to Monday’s monetary policy meeting, where a 100bps rate cut to 12% is expected.

Overall, trading volume decreased to 675.5 million shares, with Cnergyico PK, WorldCall Telecom, and Fauji Cement leading the market. Foreign investors were net sellers, offloading shares worth Rs77.4 million.