PSX climbs further on back of energy loan

The Pakistan Stock Exchange (PSX) extended its bullish momentum on Thursday, when investors drove a broad-based rally across key sectors as they took cue from earnings announcement by an automaker and a $330 million energy loan from the Asian Development Bank (ADB).

The benchmark KSE-100 index closed at 162,936.94, marking an increase of 710.66 points, or 0.44%. It traded between the intra-day high of 163,818 and low of 162,647. Oil & gas, cement and power stocks led the advance, helping the index maintain its positive streak throughout the day. KTrade Securities, in its report, observed that PSX carried forward its positive momentum, with the KSE-100 index rising 711 points (+0.44% day-on-day).

Gains were primarily driven by oil & gas, cement and power sectors, where Mari Energies and Hub Power led the upside, followed by Oil and Gas Development Company, Pakistan Petroleum, Systems Limited and Pioneer Cement.

Arif Habib Limited (AHL) remarked that following a strong opening, the KSE-100 index extended gains to 163.8k before coming slightly down. Some 60 shares rose while 37 fell with Mari Energies (+2.24%), Hub Power (+1.7%), Oil and Gas Development Company (+1.64%) contributing the most to index gains.

In corporate news, Honda Atlas Cars (+0.15%) announced 1HMY26 earnings per share (EPS) of Rs11, up 3.4x year-on-year (YoY), which came in line with expectations. Also, The Organic Meat Company (+5.45%) got approval for exporting its products to Carrefour Qatar.

Additionally, the ADB announced financing of $330 million for the second power transmission strengthening project. Overall trading volumes decreased to 725.9 million shares compared with Wednesday's tally of 1.03 billion. The value of traded shares stood at Rs35.3 billion.

Shares of 476 companies were traded. Of these, 250 closed higher, 187 fell and 39 remained unchanged.

Bank Makramah was the volume leader with trading in 104 million shares, rising Rs0.08 to close at Rs6.20.