KARACHI: The Pakistan Stock Exchange (PSX) rebounded on Friday as the KSE-100 index climbed 1,498.66 points, or 0.89 per cent, to close at 170,672.04 against the previous session’s close of 169,173.38. The market opened on a negative note but turned green on positive geopolitical developments related to the peace dialogue.
The index touched an intraday high of 171,641.33 and a low of 166,380.72 during the session. The KSE-30 index advanced 591.24 points, or 1.15 per cent, to settle at 51,809.61.
Nawaz Ali, an analyst at JS Global, said the market remained bearish during the first half. However, sentiment shifted in the second half as expectations of renewed diplomatic talks gained traction.
“Looking ahead, market direction is likely to be influenced by developments on the geopolitical front, as well as the upcoming monetary policy announcement scheduled for Monday,” he said. Turnover in the ready market declined 9.79 per cent to 1.192 billion shares from 1.321 billion shares in the preceding session. Traded value, however, rose 28.63 per cent to Rs39.68 billion against Rs30.84 billion previously. Market capitalisation expanded 0.87 per cent to Rs18.877 trillion from Rs18.714 trillion in the prior session.
Market breadth was positive, with 247 companies advancing against 196 declining and 37 unchanged out of 480 traded.Among the top gainers, PIA Holding Company Limited rose Rs477.08 to close at Rs17,898.88, while Unilever Pakistan Foods Limited added Rs145.27 to finish at Rs26,398.
On the downside, Blessed Textiles Limited led declines, falling Rs110.97 to close at Rs1,333.19, followed by Khairpur Sugar Mills Limited, which shed Rs91.36 to end at Rs822.29.According to Topline Sales Desk, the KSE-100 Index opened in negative territory and dropped to an intraday low of 1.65 per cent, as investors reacted to delays in US-Iran peace negotiations, with the US continuing to intensify pressure through its naval blockade.
However, recovery was observed during the second half of the trading session as investors reacted positively to news that Iran’s Foreign Minister Abbas Araghchi is expected to arrive in Pakistan for a second round of peace talks with the US.
The top positive contributors to the index were MEBL, UBL, OGDC, NBP and BOP, which together contributed 765 points; on the other hand, BAHL, FABL, MCB, HMB and EFERT contributed negative 158 points.
Value-wise, BOP (Rs3.9 billion), NBP (Rs2.1 billion), OGDC (Rs1.5 billion), DGKC (Rs1.26 billion) and ATRL (Rs1.32 billion) dominated the trading activity.F Nat Equities led turnover, declining 19 paisas to close at Rs1.51, with 128.29 million shares changing hands. Bank of Punjab surged Rs1.95 to close at Rs36.17 on volume of 112.67 million shares. Unity Foods Ltd, WorldCall Telecom, Yousuf Weaving, K-Electric Ltd, Hascol Petroleum, Trust Brokerage, Cnergyico PK and Beco Steel Ltd were the remaining eight companies in the top turnover list.In the futures market, 329 contracts were traded, with 215 advancing, 110 declining and 4 unchanged.
