KARACHI:
In yet another historic session on Wednesday, the Pakistan Stock Exchange (PSX) rose to a new record high, driven by investor interest in selective stocks of fertiliser, energy and banking sectors.
The benchmark KSE-100 index advanced 457.27 points, or 0.29%, and settled at 157,020.80.
During the day, the index oscillated between the high of 157,479.42 and the low of 156,079.53. The market saw a couple of dips earlier in the day, but after that the index continued to move north, reaching the intra-day high after midday.
Expectations of economic stability and a favourable policy direction instilled confidence in institutional and retail investors, who contributed significantly to the ongoing rally. Analysts note that quarterly corporate results across key sectors, along with improving macros, further supported the bourse, which is not looking back and eclipsing one record after another.
KTrade Securities in its market wrap commented that in a continued upward trajectory, the benchmark KSE-100 index gained 457 points (+0.29%) to close at a new all-time high of 157,021.
Investor sentiment remained broadly positive, fuelled by strong performances by Engro Fertilisers, Pakistan Petroleum, Bank AL Habib, Lucky Core Industries and Mari Energies. However, some pressure was observed in Engro Holdings, United Bank Ltd and Habib Bank Ltd, which trimmed the broader gains, it said.
Market activity remained robust, with total traded volumes reaching 996 million shares. The PSX’s resilience highlights sustained investor confidence in Pakistan’s long-term economic prospects, supported by improving macroeconomic indicators and corporate earnings momentum, KTrade said.
Arif Habib Limited (AHL) noted that the KSE-100 index maintained its upward momentum, hitting the intra-day high of 157.4k and gaining 0.29% day-on-day to close above the 157k mark.
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On the KSE-100, shares of 51 companies rose while 47 stocks fell. Engro Fertilisers (+3.26%), Pakistan Petroleum (+1.81%) and Bank AL Habib (+1.54%) contributed the most to the index gains. On the other side, Engro Holdings (-1.42%), United Bank (-0.81%) and Habib Bank (-0.86%) were the biggest drags, it said.
A big news for the day was Shanghai Electric Power Company’s announcement that it has officially withdrawn its interest in buying K-Electric (-2.61%), bringing a nine-year struggle to an end. Had the deal been given the go-ahead, it would have been the largest private sector acquisition in Pakistan’s history, AHL said.
Among corporate earnings, Interloop Limited (+5.12%) declared earnings per share (EPS) of Rs3.84 for FY25, a year-on-year (YoY) drop of 66%, and dividend per share of Rs1, which beat expectations. The earnings contraction is primarily attributed to deteriorating margins, absence of one-off surplus on acquisition of subsidiaries and a significantly higher effective tax rate.
AHL also mentioned that the State Bank of Pakistan (SBP) was expected to maintain the policy rate at 11% in its September meeting. While headline inflation and external stability provide room for monetary easing, the impact of recent floods, inflationary pressure, fiscal concerns and the risk of current account slippage warrant caution.
Overall trading volumes dropped to 996.3 million shares compared to Tuesday’s tally of 1.07 billion. The value of shares traded during the day was Rs52.7 billion.
Shares of 486 companies were traded. Of these, 226 closed higher, 227 fell and 33 remained unchanged. WorldCall Telecom was the volume leader with trading in 75.5 million shares, rising Rs0.04 to close at Rs1.56.
