KSE-100 up 442 points amid hopes for IMF approval

KARACHI: The Pakistan Stock Exchange (PSX) witnessed another positive session on Friday. The benchmark KSE-100 index closed higher by 442 points, as investors remained hopeful for the International Monetary Fund’s approval.

The KSE-100 increased by 441.93 points, or 0.38 per cent, to 115,536.17 points, up from the 115,094.24 points recorded in the last session. The highest index of the day remained at 115,730.98 points, while the lowest level was recorded at 115,162.69 points.

Analyst Muhammad Hasan Ather at JS Global said the decline was driven by strong buying momentum in key sectors such as autos, cement, commercial banks and E&P companies. “Looking ahead, the market is expected to remain positive, supported by investor confidence and sectoral strength,” he said.

The KSE-30 index increased by 47.03 points 0.13 per cent to 35,658.12 points against 35,611.10 points.

Traded shares dropped by 22 million shares to 360.456 million shares against 382.791 million shares. The trading value decreased to Rs21.039 billion from Rs25.407 billion. Market capital narrowed to Rs14.125 trillion against Rs14.128 trillion. Of the 435 companies active in the session, 195 closed in green, 169 in red and 71 remained unchanged.

Analyst Nabeel Haroon at Topline Securities said the KSE-100 index continued its upward momentum as investor confidence grew on expectations that Pakistan will successfully clear its first review under the $7 billion IMF Extended Fund Facility (EFF) bailout program.

The top contributors to the index’s gains were Mari Petroleum (MARI), Fauji Fertilizer Company (FFC), Engro Fertilizers (EFERT), Systems Limited (SYS), Airlink Communications (AIRLINK), and Pak Elektron Limited (PAEL), which collectively added 426 points.

In terms of trading value, Mari Petroleum (Rs2.68 billion), Pakistan State Oil (Rs2.19 billion), Maple Leaf Cement (Rs1.07 billion), DG Khan Cement (Rs875 million), Fauji Cement (Rs848 million), and Lucky Cement (Rs612 million) led the market activity.

The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs195.8 to Rs23,413 per share, followed by Mari Energies Limited, which increased by Rs28.04 to Rs605.66 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs80.16 to Rs9,099.84 per share, PIA Holding Company Limited B followed it, which closed lower by Rs71.55 to Rs856.92 per share.

One analyst at the brokerage Arif Habib Limited said that the KSE-100 ended the week on a strong note, gaining one percent WoW and reaching a high of 115,700.

On the economic front, Pakistan and the IMF have agreed to revise the macroeconomic and fiscal framework for FY25, cutting the FBR’s annual tax collection target from Rs12.97 trillion to Rs12.35 trillion.

The market structure remains strong, with new all-time highs in sight. 115,000 is now emerging as a key support level, setting the stage for continued upside momentum in the coming sessions.

Pak Int Bulk remained the volume leader with 42.7 million shares, which closed higher by 50 paisas to Rs9.92 per share. BO Punjab, with 36.14 million shares, followed it, which closed lower by 36 paisas to Rs13.09 per share.

Other significant turnover stocks included Fauji Foods Ltd, Fauji Cement, Maple Leaf, Pak Elektron, Power Cement, WorldCall Telecom, Barkat Frisian Agro and Silk Bank Ltd. In the futures market, 324 companies recorded trading, 154 of which increased, 161 decreased and 9 remained unchanged.