KARACHI: The KSE-100 index registered minor gains and maintained the highest level in the trading session on Thursday amid fluctuations while investors opted for profit-booking.
The Pakistan Stock Exchange’s (PSX) benchmark index increased by 111.57 points or 0.10 per cent to 117,119.66 points against 117,008.08 points recorded in the last session. The highest index of the day remained at 118,367.81 points, while the lowest level was recorded at 116,857.61 points.
Ahsan Mehanti, an analyst at Arif Habib Corp, said that stocks closed higher following upbeat data showing a sharp decline in December inflation to 4.1 per cent year-on-year (YoY). Prime Minister affirmed macroeconomic stability, highlighting record revenue growth, a 10.52 per cent surge in exports for July-December 2024, and projected remittances of $35 billion for FY25.
He said that expectations for the SBP key policy rate cut and speculations in the earnings season played a catalyst role in the positive close at the PSX. The KSE-30 index increased by 72.19 points or 0.2 per cent to 36,937.02 points against 36,864.84 points.
Traded shares increased by 81 million shares to 1,037.862 million shares from 956.274 million shares. The trading value rose to Rs46.570 billion from Rs46.44 billion. Market capital narrowed to Rs14.637 trillion against Rs14.669 trillion. Of the 464 companies active in the session, 193 closed in green, 225 in red, and 46 remained unchanged.
Analyst Maaz Mulla at Topline Securities said the market experienced a volatile trading session, with the index fluctuating sharply between an intraday high of 1,359 points and a low of 150 points. Ultimately, the benchmark index settled at 117,119, marking a modest gain of 111 points, or 0.1 per cent.
He said investors appeared to capitalise on the heightened market activity, opting to book profits after recent gains. This led to mixed sentiment across sectors, with select stocks facing selling pressure while others managed to sustain upward momentum.
Key contributors to the upward trajectory included EFERT, Engro, MTL, DAWH and HBL, collectively adding 779 points. On the other hand, substantial declines in OGDC, PPL, Mari, PSO and HUBC weighed heavily on the market, accounting for a combined loss of 485 points.
The highest increase was recorded in Hallmark Company Limited, which rose by Rs85.23 to Rs1,091.40 per share, followed by Exide Pakistan Limited, which increased by Rs80.86 to Rs889.49 per share. A significant decline was noted in Indus Motor Company Limited, which fell by Rs96.96 to Rs2,036.49 per share; Sazgar Engineering Works Limited followed it, which closed lower by Rs29.34 to Rs1,102.33 per share.
Brokerage Arif Habib Ltd stated that with strong fundamentals, including improved sales data across key sectors, including fertiliser and oil and easing inflationary pressures, the market remains poised to extend its rally as investors look for continued momentum.
Fauji Foods Ltd remained the volume leader with 89.478 million shares, which closed higher by 95 paisas to Rs19.24 per share. WorldCall Telecom, with 72.001 million shares, followed it, which closed higher by three paisas to Rs1.79 per share.
Other significant turnover stocks included Telecard Limited, Cnergyico PK, BO Punjab, Pak Elektron, Pace (Pak) Ltd., Siddiqsons Tin, Pak Stock Exchange and Pak Refinery. In the futures market, 298 companies recorded trading, 106 of which increased, 189 decreased, and three remained unchanged.