KARACHI: The Pakistan Stock Exchange (PSX) closed higher on Friday, with the KSE-100 index gaining 1,673.87 points, or 1.01 per cent, to settle at 167,191.38 against the previous close of 165,517.51. The market increased amid positive developments on geopolitical situation.
The index swung between an intraday high of 168,290.29 and a low of 166,221.33, while the KSE-30 index advanced 420.31 points, or 0.84 per cent, to close at 50,589.37.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX closed on a positive note.
The market maintained a firm upward trajectory throughout the session, supported by easing geopolitical tensions following the ceasefire and reinforced by local as well as institutional buying.
MCB, BOP, HBL, UBL and LUKC collectively added 574 points. Conversely, profit-taking in MEBL, SRVI, ENGROH, ILP and KEL weighed on the index, trimming 335 points.“Looking ahead, the commencement of highly anticipated US-Iran peace talks in Islamabad, following a fragile ceasefire positions, Pakistan at the centre of global diplomacy and could significantly enhance its international standing if successful. A constructive outcome is likely to reinforce investor confidence and enable the PSX to resume its upward trajectory,” said Najib.
Ready market turnover declined 1.48 per cent to 875.54 million shares, while traded value fell 14.06 per cent to Rs46.65 billion. Market capitalisation rose 1.14 per cent to Rs18.47 trillion.Market breadth remained decisively positive, with 358 companies advancing, 101 declining and 28 ending unchanged out of 487 traded.
Unilever Pakistan Foods Limited led gainers, rising Rs679.45 to close at Rs26,500, followed by PIA Holding Company Limited-B, which gained Rs188.49 to close at Rs18,203.54.Service Industries Limited topped the decliners, shedding Rs108.74 to close at Rs1,411.26, while Siemens (Pakistan) Engineering fell Rs26.86 to close at Rs1,520.10.
The Bank of Punjab led turnover with 61.15 million shares, gaining 281 paisas to close at Rs30.87, followed by WorldCall Telecom with 56.95 million shares, rising 5 paisas to Rs1.42. The remaining eight most-traded companies were Sui South Gas, F. National Equities, K-Electric, Pak Int. Bulk, Kohinoor Spinning, Nishat ChunPower, Maple Leaf and JS Momentum.In the futures market, 314 contracts were traded, with 277 advancing, 33 declining and 4 remaining unchanged.
