PSX hits another peak on robust interest
The KSE-100 index of the Pakistan Stock Exchange (PSX) smashed through key resistance levels to close near historic 159,300 points, gaining almost 1,050 points in Thursday's session.
Fueled by strong performances by power, banking, and oil and gas marketing sectors, the index hit the intra-day high of 159,538, with Hubco (+6.34%), Engro Holdings (+3.59%), and HBL (+3.71%) leading the charge, contributing 1,145 points to the rally.
Profit-taking in Lucky Cement (-2.15%), OGDC (-1.76%), and UBL (-0.61%) trimmed gains by 325 points. Trading volumes reached 1.67 billion shares, with K-Electric topping the chart at 406 million shares.
On the macro front, a Rs1.225 trillion loan at Kibor minus 0.9% was signed to resolve the power-sector circular debt, potentially cutting costs by 1.5-5%. With US President Donald Trump set to meet Pakistan's PM Shehbaz Sharif, signalling warming ties, and the weekly target of 159.3k already met, analysts remain bullish, viewing dips as buying opportunities.
"The market gained a strong momentum as the KSE-100 index broke through key resistance levels, setting a new record," commented Mubashir Anis Naviwala of JS Global.
The index surged by more than 1,000 points, extending the bullish trend. The session eventually ended at a historic 159,280 points. The rally was mainly led by power, banking, and oil & gas marketing companies. "Outlook remains decisively bullish, with dips offering attractive entry opportunities," he said.
At the close of trading, the benchmark KSE-100 index advanced by 1,043.42 points, or 0.66%, to settle at 159,280.09.
Arif Habib Limited (AHL) reported that the KSE-100 index hit its upside target of 159.3k in the week's penultimate session. Market movers included Hubco (+6.34%), Engro Holdings (+3.59%), and HBL (+3.71%), while Lucky Cement (-2.15%), OGDC (-1.76%), and UBL (-0.61%) were the biggest drags.
Market breadth saw 47 stocks rise and 50 stocks fall. On the political front, US President Trump was set to meet PM Sharif at the White House, signalling improved ties.
Meanwhile, a Rs1.225 trillion loan agreement was signed to address the power sector's circular debt at Kibor minus 0.9%, which was expected to cut costs by 1.5-5% by refinancing expensive obligations such as independent power producers' (IPPs) penal income and Power Holding Pvt Limited's (PHPL) interest. "With the weekly target already achieved, the index heads into the final session on a firm footing," said AHL.
Topline's market review noted that the KSE-100 index concluded the session on a robust note, settling at 159,280 after recording a notable gain of 1,043 points. A strong bullish momentum dominated trading, with the benchmark index hitting the intra-day high of 159,538.
Market strength was largely underpinned by stellar performances by Hubco, Engro Holdings, Mari Petroleum, Engro Fertilisers, and HBL, which added 1,145 points to the index. However, the upward trajectory was partially curtailed by profit-taking in Lucky Cement, OGDC, and UBL, which eroded 325 points from the overall gains.
Investor participation remained exceptionally strong, with total traded volumes reaching 1,674 million shares and traded value hitting Rs55.3 billion. K-Electric led the volumes, with a remarkable 406 million shares traded, Topline added.
During the day, shares of 486 companies were traded. Of these, 208 stocks closed higher, 237 declined, and 41 remained unchanged.
K-Electric led the volumes with 406 million shares, gaining Rs0.26 to close at Rs7.38. It was followed by Cnergyico PK with 207 million shares, rising Rs0.24 to settle at Rs8.85, and WorldCall Telecom with 174 million shares, adding Rs0.19 to close at Rs1.76. Foreign investors sold shares worth Rs347 million, the NCCPL reported.