Stocks move up by 150 points, close near 80k mark

KARACHI: Stocks increased slightly on Thursday amid the government’s resolve to settle the energy sector’s circular debt while the market stayed around the 80k point mark.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 share index increased by 150.8 points or 0.19 per cent to 79,992.35 points against 79,841.56 points recorded in the last session. The highest index of the day remained at 80,114.73 points while the lowest level was recorded at 79,708.87 points.

Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks showed recovery led by the oil, banking and auto sectors on strong earnings outlook.”He said the government’s resolve to settle the energy sector’s circular debt crisis, surge in remittances to $3.2 billion by 44.4 per cent YoY in June 24, and upbeat data on auto sales played a catalyst role in bullish close.

The KSE-30 index decreased by 75.91 points or 0.3 per cent to 25,544.42 points against 25,468.51 points.Traded shares decreased by 106 million shares to 389.024 million shares from 495.910 million shares. The trading value dropped to Rs20.924 billion from Rs22.116 billion. Market capital narrowed to Rs10.653 trillion against Rs10.665 trillion. Of 445 companies active in the session, 181 closed in green, 212 in red and 52 remained unchanged.

Naveed Nadeem, an analyst at Topline Securities, said the Pakistani stock market showed a mixed pattern on Thursday. The KSE-100 index peaked at 80,115 points earlier in the day before settling at 79,993 points, marking a modest increase of 151 points or 0.19 per cent.

Driving the market’s positive momentum were sectors like fertilizer, power, IT, and banking, bolstered by companies including FFC, HUBC, SYS, HBL, and NBP, which collectively contributed 377 points.

The highest increase was recorded in Exide Pakistan Limited shares, which rose by Rs77.94 to Rs898.32 per share, followed by PIA Holding Company Limited B, which increased by Rs69.20 to Rs797.67 per share. A significant decline was noted in Data Agro Limited, which fell by Rs47.09 to Rs448.58 per share, Sapphire Textile Mills Limited followed it, which closed lower by Rs39 to Rs1,301 per share.

Brokerage Arif Habib Ltd stated the KSE-100 continues to hover around the 80,000-point mark as it heads into the final session of the week.

The biggest drags on the index were Pakistan Petroleum Limited (PPL) which fell by 1.24 per cent, United Bank Limited (UBL) down by 0.7 per cent, and MCB Bank Limited (MCB) which declined by 0.93 per cent.

Market analysts suggest that a strong close above the 80,000-point level in the last session would be ideal. This could set a positive tone for further upside in the coming week, which will be shortened due to the Ashura holidays on July 17-18.

As the market approaches the weekend, investors remain cautiously optimistic, looking for signs of stability and potential growth in the near term.Agritech Limited remained the volume leader with 22.041 million shares which closed higher by 10 paisas to Rs24.24 per share. Hub Power Co followed it with 18.624 million shares, which closed higher by Rs5.35 to Rs163.75 per share.

Other significant turnover stocks included Air Link Commun, K-Electric Ltd, PIA Holding Company, Ghani Chemical, WorldCall Telecom, Fauji Fert Bin, Hum Network and Pak Elektron.In the futures market, 304 companies recorded trading, of which 95 increased, 203 decreased and 6 remained unchanged.