The Pakistan Stock Exchange (PSX) on Friday turned bullish as investor sentiment improved following the United Nations call for Pakistan and India to exercise maximum restraint and pursue resolution through mutual engagement.
In the morning, the market got off to a positive start as the KSE-100 index swiftly reached the intra-day high at 115,845 points. Thereafter, the index lost all early gains by midday. At the resumption of trading after break, the market dived to the intra-day low at 113,717 but it recovered quickly, ending the day with a rise of 450 points.
"Stocks turned bullish after the UN urged Pakistan and India to show maximum restraint and resolve issues with mutual engagement," said Arif Habib Corp MD Ahsan Mehanti.
Strong financial results, surging global equities, expected monetary policy easing and the potential release of IMF tranche played the role of catalysts in bullish close at the PSX.
At the end of trading, the benchmark KSE-100 index posted a gain of 449.53 points, or 0.39%, and settled at 115,469.35.
Arif Habib Limited (AHL) wrote that 51 shares advanced while 46 declined on the KSE-100 index. Major contributors to the index gains were HBL (+6.92%), Fauji Fertiliser Company (FFC) (+1.26%) and Meezan Bank (+2.42%). On the other hand, Mari Petroleum (-1.5%), Glaxo (-7.85%) and UBL (-0.73%) were the biggest drags.
Among corporate announcements, HBL reported 1QCY25 earnings per share (EPS) of Rs11.32, up 9% year-on-year (YoY), along with dividend per share of Rs4 - both exceeding market expectations.
NBP also surprised on the upside, posting 1QCY25 EPS of Rs10.29, reflecting a 126% YoY increase. Mari reported 9MFY25 EPS of Rs38.56, down 10.3% YoY, which was largely in line with expectations, AHL said.
The KSE-100 index closed the week down by 1.57% week-on-week, primarily influenced by ongoing geopolitical tensions between Pakistan and India. "Looking ahead, another volatile week is expected, with resistance seen around 118,000 and support near 113,700," it added.
Topline Securities wrote in its daily review that range-bound activity was observed during the most part of the day on account of geopolitical border tensions, but some recovery was observed later, as the index closed at 115,469, up 0.39%.
The top positive contribution to the index came from HBL, FFC, Meezan Bank, MCB Bank and NBP as they cumulatively contributed 570 points. In terms of traded value, PSO (Rs1.83 billion), SNGPL (Rs1.59 billion), Mari (Rs1.40 billion), NBP (Rs998 million) and HBL (Rs990 million) dominated the trading activity, it said.
NBP announced 1QCY25 results, where it declared a consolidated EPS of Rs10.29 (down 2.37% QoQ, up 126% YoY). HBL also announced its 1QCY25 results, in which it declared a consolidated EPS of Rs11.32 (up 15.3% QoQ and 9.2% YoY), accompanied by an interim cash dividend of Rs4.5 per share, Topline added.
Muhammad Hasan Ather of JS Global wrote that the KSE-100 index wrapped up a turbulent session, closing at 115,469 points, up 0.4%.
Geopolitical tensions and economic uncertainties, including heightened friction with India after recent attacks, kept investors on edge, leading to volatility throughout the day.
The market's dip underscored risk aversion. "Looking forward, stability hinges on de-escalation in regional tensions, though long-term prospects remain cautiously optimistic with supportive policy measures expected," he said.
Overall trading volumes were recorded at 471 million shares compared with the previous tally of 507 million. The value of shares traded during the day was Rs27.3 billion. Shares of 441 companies were traded. Of these, 182 stocks closed higher, 204 fell and 55 remained unchanged.
WorldCall Telecom was the volume leader with trading in 22.8 million shares, losing Rs0.02 to close at Rs1.29. It was followed by Power Cement with 22 million shares, losing Rs0.17 to close at Rs14.28 and Sui Southern Gas Company with 21.6 million shares, losing Rs0.56 to close at Rs40.49. During the day, foreign investors sold shares worth Rs80.3 million, according to the NCCPL.
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