Stocks up 669 points to new high on robust financial results

KARACHI: Maintaining its record-making streak, stocks surged by 669 points on Tuesday to close at another all-time high amid strong financial earnings and expectations for a policy rate cut.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 share index increased by 668.57 points or 0.74 per cent to 90,864.09 points against 90,195.52 points recorded in the last session. The highest index of the day remained at 91,358.15 points while the lowest level was recorded at 90,449.42 points.

Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks reached a new all-time high as investors weigh robust financial results and speculate over imminent SBP policy rate cut this week.”

He said that foreign interest in blue chip banking and fertiliser stocks and institutional interest amid easing lending rates played a catalyst role in the record bullish activity in the PSX.

The KSE-30 index increased by 128.28 points or 0.45 per cent to 28,555.42 points against 28,427.15 points.

Traded shares increased by 35 million shares to 602.810 million shares from 567.264 million shares. The trading value dropped to Rs28.203 billion from Rs29.210 billion. Market capital expanded to Rs11.764 trillion against Rs11.728 trillion. Of the 440 companies active in the session, 171 closed in green, 219 in red and 50 remained unchanged.

Maaz Mulla, analyst at Topline Securities, said the PSX maintained its positive trajectory as the KSE-100 index surged to an intraday high of 91,358 level, gaining 1,162 points before closing at 90,864 points, up by 668 points or 0.74 per cent. This marks a continuation of the market’s bullish momentum.

He said that the positive performance was primarily driven by robust corporate earnings, which exceeded expectations and laid a strong foundation for investor confidence. Institutional buying further supported the rally, reinforcing the overall optimism.

Key contributors to the index included FFC, SYS, CHCC, HUBC and GLAXO, which collectively added 515 points.

The highest increase was recorded in Unilever Pakistan Foods Limited shares, which rose by Rs162 to Rs19,180 per share, followed by Siemens (Pakistan) Engineering, which increased by Rs122.62 to Rs1,348.81 per share.

A significant decline was noted in Hallmark Company Limited, which fell by Rs27.38 to Rs816.66 per share; Sazgar Engineering Works Limited followed it, which closed lower by Rs22 to Rs992.56 per share.

Analyst Mohammed Waqar Iqbal at JS Research said, “The bourse performed well, breaking the intraday resistance of 91,000 with strong volumes.”

“Looking ahead, we recommend a buy-on-dip strategy, focusing particularly on the cement, E&P, and technology sectors,” he suggested.

WorldCall Telecom remained the volume leader with 41.401 million shares which closed higher by 3 paisas to Rs1.27 per share. Silk Bank Ltd followed it with 31.281 million

shares, which closed higher by 8 paisas to Rs1.08 per share.

Other significant turnover stocks included Pace (Pak) Ltd., Power Cement, Fauji Foods Ltd, K-Electric Ltd., Sui South Gas, The Searle Company, TRG Pak Ltd and Maple Leaf.

In the futures market, 312 companies recorded trading, of which 155 increased, 153 decreased and 4 remained unchanged.