KARACHI: The Pakistan Stock Exchange (PSX) ended the last day of the week flat with a slightly positive closing, as investors preferred the cautious activity despite earlier gains in the session.
The benchmark KSE-100 index closed higher by 20.65 points, or 0.02 per cent, to 120,023.24 points, up from 120,002.59 points recorded in the last session. The highest index of the day remained at 120,828.86 points, while the lowest level was recorded at 119,872.16 points.
Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks showed recovery on receding fears after the White House delayed a decision on US involvement in the Israel-Iran conflict.”
He said that investor interest led by blue chip oil scrips as investors weigh the federal cabinet’s approval of Rs1.275 trillion bank loan under circular debt management plan and government deliberation for privatisation of SOEs played a catalytic role in the positive close at the PSX.
The KSE-30 index increased by 91.5 points or 0.25 per cent to 36,533.23 points from 36,441.73 points.
Traded shares dropped by 183 million shares to 421.643 million shares from 604.536 million shares. The trading value decreased to Rs15.651 billion from Rs20.442 billion. Market capital expanded to Rs14.536 trillion against Rs14.523 trillion. Of the 468 companies active in the session, 178 closed in green, 245 in red and 45 remained unchanged.
Nabel Haroon, an analyst at Topline Securities, said the KSE-100 index traded in the positive zone for most of the trading session on news that the Trump administration has decided to exercise restraint and will decide on US action in the Israel-Iran conflict within two weeks.
However, due to a lack of confidence surrounding the conflict, the KSE-100 index came down during the latter hours of the trade to close on a flat note.
Top positive contributions to the index came from HUBC, SYS, UBL, OGDC, MLCF and PPL, as they cumulatively contributed +168 points. Whereas, the top negative contributions to the index came from PKGP, TRG, FFC, PSEL, EFERT and MCB, as they cumulatively contributed -180 points.
Traded value wise TRG (Rs1.5 billion), PSO (Rs885 million), MLCF (Rs589 million), OGDC (Rs574 million) and HUBC (Rs485 million) dominated the trading activity
The highest increase was recorded in Macter International Limited, which rose by Rs56.53 to Rs621.82 per share, followed by Hoechst Pakistan Limited, which increased by Rs47.74 to Rs3,198.50 per share. A significant decline was noted in PIA Holding Company Limited B, which fell by Rs1,239.31 to Rs11,153.83 per share, Pakistan Services Limited followed it, which closed lower by Rs47.41 to Rs941.11 per share.
Analyst Mubashir Anis Naviwala at JS Global said the market started the session on a weak note, with sentiment remaining cautious throughout the day. Volumes remained dull, with limited activity on the main board. However, the positive takeaway was that the index managed to close above the psychological 120,000 mark.
“We advise investors to maintain a cautious stance, with a focus on risk management and selective buying,” he advised.
WorldCall Telecom remained the volume leader with 42.791 million shares, which closed lower by 4 paisas to Rs1.45 per share. TRG Pak Ltd, with 26.664 million shares, followed it, which closed lower by Rs5.12 to Rs56.68 per share.
Other significant turnover stocks included Pervez Ahmed Co, Yousuf Weaving, K-Electric Ltd, Sui South Gas, Ist Capital Sec, Dewan Cement, Invest Bank, and Pak Refinery.
In the futures market, 316 companies recorded trading, 108 of which increased, 200 decreased and 8 remained unchanged.