PSX gains 769 points despite profit-taking

KSE-100 reclaims 166,000 level amid broad-based buying

KARACHI:

The Pakistan Stock Exchange (PSX) extended its gains on Thursday, with the benchmark KSE-100 Index rising 769 points, or 0.46%, to close at 166,186, reclaiming the 166,000 level amid broad-based buying.

According to Ali Najib, deputy head of Trading at Arif Habib Limited, the market maintained its upward momentum throughout the session after opening on a positive note. The index touched an intraday high of 166,877, gaining 1,460 points, or 0.88%, before profit-taking in select stocks trimmed some of the gains.

The market's close above 166,000, supported by turnover of Rs23.5 billion, indicated a constructive near-term outlook. However, profit-taking near the session's high suggested that some investors were opting to sell at higher levels, while escalating regional security risks could keep sentiment cautious.

On the geopolitical front, continued Houthi attacks targeting airports and oil facilities in Saudi Arabia heightened regional security concerns, adding to the risks facing investors.

Among individual stocks, Pakistan Telecommunication Company Limited (PTCL), Fauji Fertiliser Company (FFC), Systems Limited (SYS), Hub Power Company (HUBC), Oil and Gas Development Company (OGDC), Meezan Bank (MEBL), Lucky Cement (LUCK), Habib Bank (HBL), Pakistan Petroleum Limited (PPL) and United Bank Limited (UBL) collectively contributed 560 points to the benchmark's gain.

Trading activity remained stable, with 516.4 million shares changing hands and total market turnover reaching Rs23.5 billion. Cnergyico PK Limited (CNERGY) led the volume chart, with 62.8 million shares traded.

Analysts cautioned that profit-taking and heightened geopolitical risks could temper the market's momentum despite the benchmark's recovery above the 166,000 level.