KSE-100 surges 1,068 points amid strong financial earnings

KARACHI: The Pakistan Stock Exchange (PSX) started the week with bullish momentum, continuing the positive streak for the third consecutive session on Monday. The benchmark KSE-100 index surged by 1,068 points amid better financial earnings.

The index increased by 1,067.79 points, or 0.91 per cent, to 118,383.38 points, up from the 117,315.59 points recorded in the last session. The highest index of the day remained at 118,827.47 points, while the lowest level was recorded at 117,712.7 points.

Analyst Ahsan Mehanti at Arif Habib Ltd said, “Stocks closed bullish led by scrips across the board amid speculations ahead of major earnings announcements this week. The government’s deliberation for resolve over the circular debt crisis and China’s debt rollover supported the index to close near session highs.”

He said that the imminent receipt of the IMF EFF and RSF tranche next month and the likely SBP policy easing amid thin inflation played a catalyst role in the bullish close at the PSX.The KSE-30 index increased by 278.77 points or 0.77 per cent to 36,395.14 points from 36,116.37 points.

Traded shares surged by 247 million shares to 672.444 million shares from 425.122 million shares. The trading value rose to Rs36.424 billion from Rs34.495 billion. Market capital expanded to Rs14.464 trillion against Rs14.345 trillion. Of the 451 companies active in the session, 252 closed in green, 158 in red and 41 remained unchanged.

According to a Topline Securities review report bulls asserted their dominance in the trading session, with the benchmark index surging to an intraday high of 1,511 points before closing at 118,383, marking a strong gain of 1,067 points or 0.91 per cent. “The rally was largely driven by better-than-expected corporate earnings, which bolstered investor sentiment and sparked widespread buying,” it said.

Among the key highlights of the session were the impressive financial results announced by Meezan Bank Limited (MEBL) and Sazgar Engineering Works (SAZEW). Both companies outperformed expectations and emerged as the stars of the day, driving significant investor interest and uplifting the broader market tone.

Heavyweight stocks played a crucial role in powering the index higher, with MEBL, MCB, UBL, SNGP, and HUBC collectively contributing 827 points, underscoring their substantial influence on market direction.

The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs99 to Rs23,099 per share, followed by Atlas Honda Limited, which increased by Rs43.39 to Rs1,116.13 per share. A significant decline was noted in Hoechst Pakistan Limited, which fell by Rs184.70 to Rs3,012.30 per share; Nestle Pakistan Limited followed it, which closed lower by Rs98.86 to Rs7,001.14 per share.

Cnergyico PK remained the volume leader with 103.028 million shares, which closed higher by one paisa to Rs8.55 per share. Power Cement, with 62.587 million shares, followed it, which closed higher by Rs1.23 to Rs13.54 per share.

Other significant turnover stocks included BO Punjab, Sui South Gas, Sui North Gas, Fauji Foods Ltd, Maple Leaf, Pak Int. Bulk, Pak Elektron and Fauji Cement.

In the futures market, 313 companies recorded trading, 187 of which increased, 121 decreased, and 5 remained unchanged.