KARACHI:
The Pakistan Stock Exchange remained in consolidation mode as the benchmark KSE-100 Index closed just above the 167,000 level, buoyed by improved external support and easing political uncertainty.
At the end of the trading day, the KSE-100 Index closed at 167,086 points, posting a gain of 802 points or 0.48%.
“Throughout the day, the benchmark largely remained in positive territory, supported by key developments,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd. Saudi Arabia extended its $3 billion deposit with Pakistan for another year, providing much-needed external sector comfort.
Additionally, the president’s assent to the summary for the appointment of the Chief of Defence Staff helped ease uncertainty on this front.
On the corporate front, Service Industries announced that its subsidiary, Service Long March Tyres (SLM), has decided to raise capital through an initial public offering and pursue listing on the PSX.
Among major movers, FFC, PPL, OGDC, UBL and SYS collectively contributed 551 points to the index, while MCB, PIOC, FABL, NBP and BOP jointly shaved off 138 points.
Market activity remained moderate, with 685.9 million shares traded and a total turnover of Rs 41.6 billion. TELE topped the volume chart with 58 million shares.
PSX gains 408 points in a week
PSX wrapped up the week on a flattish note, recording a gain of 408 points or 0.26%. The KSE-100 Index opened at 167,229, touched a weekly high of 169,289, and posted a low of 165,886 during the week. The benchmark eventually settled at 167,086, reflecting a period of consolidation with limited directional movement.
Going forward, the market is expected to make an attempt at a new all-time high, with the energy sector likely to lead the rally.
The expectation is driven by market sentiment surrounding a potential circular debt disbursement anticipated in the coming week, which could fuel fresh buying interest in key E&P and power sector stocks.
