KARACHI: The Pakistan Stock Exchange (PSX) closed slightly higher in a range-bound session on Tuesday amid speculations ahead of the federal budget.
The benchmark KSE-100 index rose by 111.79 points, or 0.09 per cent, to 118,332.91 points, up from 118,221.12 points recorded in the last session. The highest index of the day remained at 118,807.92 points, while the lowest level was recorded at 118,143.68 points.
Analyst Ahsan Mehanti at Arif Habib Ltd said stocks showed recovery amid speculations during the pre-budget session, with hopes for a real estate package in the federal budget driving interest in cement stocks.
Investor concerns over IMF disagreements on key budgetary targets, subsidies and rupee instability triggered mid-session pressure. However, government measures aimed at raising tax collection and easing the fiscal deficit played a catalytic role in the positive close at the PSX.
The KSE-30 index increased by 13.44 points or 0.04 per cent to 35,968.64 points from 35,955.2 points. Traded shares rose by 55 million shares to 690.389 million shares from 635.535 million shares. The trading value increased to Rs23.828 billion from Rs18.576 billion. Market capital expanded to Rs14.347 trillion against Rs14.325 trillion. Of the 459 companies active in the session, 211 closed in green, 210 in red, and 38 remained unchanged.
Naveed Nadeem, an analyst at Topline Securities, said the stock market saw a range-bound session, with the index moving within a confined band due to rollover pressures and uncertainty surrounding the upcoming budget.
Positive momentum was driven by notable contributions from MEBL, SYS, PKGP, PPL, and DGKC, which together added 223 points to the index.
The highest increase was recorded in PIA Holding Company Limited B, which rose by Rs2,206.95 to Rs24,276.48 per share, followed by Khyber Textile Mills Limited, which increased by Rs209.67 to Rs2,306.37 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs471.19 to Rs10,284.04 per share, Unilever Pakistan Foods Limited followed it, which closed lower by Rs100 to Rs23,000 per share.
K-Electric Ltd remained the volume leader with 267.623 million shares, which closed higher by 17 paisas to Rs5.89 per share. WorldCall Telecom, with 31.561 million shares, followed it, which closed higher by 3 paisas to Rs1.3 per share.
Other significant turnover stocks included PTCL, Telecard Limited, Dewan Cement, Ist Capital Sec, The Searle Company, Cres Star Ins, DGK Cement and Fauji Cement. In the futures market, 318 companies recorded trading, 132 of which increased, 181 decreased and 5 remained unchanged.