PSX maintains record-breaking drive

Led by fertiliser sector, index advances 500 points, edges closer to 170k

KARACHI:

The Pakistan Stock Exchange (PSX) maintained its record-breaking streak on Friday as the KSE-100 index rose a modest 500 points, led by increased investor interest in the fertiliser sector, and closed just shy of the 169,000 level.

At the commencement of trading, the market extended the previous day's gains and the momentum continued well after midday, when the index touched the intra-day high of 169,989. Later, market players resorted to profit-booking, particularly in the banking sector, which erased some of the gains before close.

The market finished trading with an increase of 500.44 points, or 0.30%, at 168,990.07, a historic high for the KSE-100 index.

Topline Securities, in its market review, commented that continuing its momentum, the KSE-100 index opened on a positive note and rose to the intra-day high of +1,499 points (+0.89%) during the first half of the trading session.

However, it said, some intra-day profit-taking was observed in the second half as investors preferred to book profits before weekend. The index settled at 168,990 (up 0.3%).

Top positive contribution to the index came from Fauji Fertiliser Company, UBL, Hub Power, Systems Limited and Adamjee Insurance Company as they cumulatively contributed 980 points. After Thursday's rally in the banking sector, some profit-taking was observed as Meezan Bank, MCB Bank, HBL and Bank AL Habib cumulatively lost 577 points.

In terms of traded value, Hubco (Rs10 billion), Pakistan State Oil (Rs5.4 billion), The Bank of Punjab (Rs4.53 billion), Attock Refinery (Rs3.93 billion) and Fauji Fertiliser Company (Rs2.6 billion) dominated trading, Topline added.

In its remarks, Arif Habib Limited (AHL) called it a strong week for the KSE-100 that gained 4.15% week-on-week and on Friday hit the intra-day high of 169.9k points.

On the benchmark index, 48 shares rose while 51 fell with Fauji Fertiliser Co (+3.93%), UBL (+1.63%) and Hubco (+1.53%) contributing the most to index gains. On the other hand, Meezan Bank (-5.18%), Mari Petroleum (-1.22%) and MCB Bank (-1.36%) were the biggest drags.

In major economic news, AHL mentioned, liquefied natural gas (LNG) was no longer playing a key role in meeting Pakistan's energy needs, according to the petroleum minister, a stark shift for the South Asian nation once seen as a fast-growing buyer.

"For the coming week, support for the index rises to 167k with 170k being the upside target," the brokerage house remarked.

Mubashir Anis Naviwala of JS Global reported that the stock exchange capped the week with another record-setting performance.

The KSE-100 index touched the intra-day high of 169,989 points, edging closer to the 170k milestone. Eventually, the market closed at 168,990, securing a strong finish to the week, he said.

The fertiliser sector led the gains, supported by healthy participation across the board. Total traded volumes stood at 1,573 million shares, with top activity in Cnergyico PK, The Bank of Punjab, WorldCall Telecom, K-Electric and Hascol Petroleum. "Outlook remains bullish for next week, with dips offering accumulation opportunities in key sectors," Naviwala added.

Overall trading volumes were recorded at 1.57 billion shares, almost similar to the previous session's tally of 1.57 billion. The value of shares traded during the day stood at Rs78.7 billion.

Shares of 485 companies were traded. Of these, 201 stocks closed higher, 254 fell and 30 remained unchanged.

Cnergyico PK was the volume leader with trading in 211.4 million shares, up Rs0.55 to close at Rs9.07. It was followed by The Bank of Punjab with 131.8 million shares, gaining Rs0.72 to close at Rs33.50 and WorldCall Telecom with 103.9 million shares, shedding Rs0.06 to close at Rs1.76. Foreign investors sold shares worth Rs288.7 million, the National Clearing Company reported.