KARACHI: The Pakistan Stock Exchange (PSX) witnessed a rangebound trading but managed to close in the positive territory for the second consecutive day on Tuesday. The benchmark KSE-100 index closed higher by 466 points amid hopes for de-escalation of tensions in the Middle East.
The KSE-100 index rose 465.64 points, or 0.31 per cent, to close at 151,673.46. The index touched an intraday high of 152,013.05 and a low of 149,129.41, while the KSE-30 advanced 239.59 points, or 0.52 per cent, to settle at 45,938.83.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed a range-bound session today with positive closing.“Ceasefire progress will be key for near-term market direction; any de-escalation in the Middle East could stabilise sentiment and ease oil price pressures and vice-versa. This may restore investor confidence, drive inflows, and support a recovery in the PSX, he said.
Shares traded in the ready market fell to 357.27 million from 457.21 million in the previous session, a decline of 21.86 per cent. Traded value dropped 33.83 per cent to Rs20.44 billion from Rs30.88 billion, while market capitalisation edged up 0.19 per cent to Rs16.856 trillion from Rs16.823 trillion.
Advancing shares outnumbered decliners, with 223 companies posting gains, 188 recording losses, and 66 remaining unchanged out of 477 traded.Rafhan Maize Products Company Limited led the gainers, rising Rs111.58 to close at Rs9,041.83, followed by Khairpur Sugar Mills Limited, which added Rs32.66 to end at Rs359.28. On the downside, Unilever Pakistan Foods Limited shed Rs154.59 to close at Rs24,801.03, while Khyber Textile Mills Limited declined Rs127.11 to settle at Rs1,217.89.
According to Topline Sales Desk, market remained volatile but sentiment turned positive in the latter half after encouraging tweet from the Iranian ambassador to Pakistan regarding progress in ceasefire talks, triggering selective buying and helping the index close in the green.
UBL, HBL, FFC, SYS and MCB emerged as the top gainers, collectively assisting the index surge by 563 points. Conversely, BAFL, NBP, EFERT, PTC & ISL witnessed selling interest and eroded 170 points to the benchmark.
Nawaz Ali, an analyst at JS Global, said range-bound activity was observed at the PSX. Investor sentiment was supported by hopes of a potential ceasefire in the on going Middle East conflict. “We advise investors to maintain a cautious stance until there is greater clarity and concrete developments on the geopolitical front,” he said.
K-Electric Ltd topped the turnover table with 53.6 million shares changing hands with a decline of 12 paisas to Rs6.99, down from its previous close of Rs7.11. Trust Brokerage followed it with 26.37 million shares traded closing higher by 7 paisas to Rs1.45.
Other turnover leaders were Cnergyico PK, WorldCall Telecom, Bank of Punjab, Pak Int. Bulk, Pak Refinery, TRG Pak Ltd, Sui South Gas and Nishat ChunPower.In the futures market, 312 companies recorded trading, of which 155 increased, 143 decreased and 14 remained unchanged.
