KSE-100 index gains 105 points, closes all-time high above 80,000

KARACHI: The KSE-100 consolidated above the 80k mark and closed to an all-time high level amid mixed sentiment and strong performance in selected stocks.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 share Index increased by 105.86 points or 0.13 per cent to 80,672.06 points against 80,566.21 points recorded in the last session. The highest index of the day remained at 81,087.43 points while the lowest level was recorded at 80,530.86 points.

Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed all time high amid speculations in the earnings season at the PSX led by selected oil and banking scrips on an expectation of high dividend payouts.”

He said investors’ expectations for a resolution to the $15 billion China energy debt restructuring ahead of the IMF new bailout deal and government deliberations over privatization of ailing SOEs played a catalyst role in the bullish close.

The KSE-30 index decreased by 36.05 points or 0.14 per cent to 25,753.97 points against 25,790.02 points.Traded shares surged by 349 million shares to 610.264 million shares from 261.649 million shares. The trading value rose to Rs24.317 billion from Rs13.024 billion. Market capital expanded to Rs10.741 trillion against Rs10.676 trillion. Of 450 companies active in the session, 216 closed in green, 190 in red and 44 remained unchanged.

Naveed Nadeem, an analyst at Topline Securities, said equity market exhibited a mixed pattern. The KSE-100 index surged to an intraday peak of 81,087 points before settling at 80,672 points, reflecting a modest gain of 106 points or 0.13 per cent.

Leading the market’s positive momentum were the fertilizer, exploration & production (E&P), and textile sectors, bolstered by companies like FFC, POL, ILP, EFERT, and FFBL, collectively contributing 183 points.

The highest increase was recorded in Sazgar Engineering Works Limited shares, which rose by Rs94.89 to Rs1,093.78 per share, followed by Unilever Pakistan Foods Limited, which increased by Rs89.99 to Rs18,289.99 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs73 to Rs7,616.11 per share, Nestle Pakistan Limited followed it, which closed lower by Rs55.19 to Rs6,999.96 per share.

Brokerage Arif Habib Ltd stated the KSE-100 index continued to consolidate its position above the 80,000-point mark on Tuesday, with select stocks showing strong performances. In economic news, the State Bank of Pakistan (SBP) reported a notable increase in remittances, which rose to $ 3.16 billion, marking a 44 per cent year-on-year growth.

This surge in remittances is expected to provide a supportive backdrop for the economy and the stock market.Analysts continue to anticipate higher prices as long as the immediate support at the 80,000-point level remains intact.

The resilience of the KSE-100 index at this level suggests a positive outlook for further gains in the coming sessions.Market watchers will be keenly observing whether the index can maintain its upward momentum and consolidate further above the 80,000-point threshold.

K-Electric Ltd remained the volume leader with 51.026 million shares which closed higher by 18 paisas to Rs4.91 per share. BO Punjab followed it with 43.339 million shares, which closed higher by 14 paisas to Rs5.93 per share.

Other significant turnover stocks included WorldCall Telecom, Hum Network, Maple Leaf, PTCL, The Searle Company, Dewan Motors, National Bank XD and Pak Refinery.In the futures market, 304 companies recorded trading, of which 164 increased, 131 decreased and 9 remained unchanged.