KARACHI: The KSE-100 index closed higher on Monday, gaining 954.77 points, or 0.59 per cent, to settle at 163,948.94 against the previous close of 162,994.17.
The index touched an intraday high of 167,245.54 and a low of 163,417.84. The market behaved positively on easing geopolitical tensions, and investor optimism improved, which came under pressure after news that triggered tensions.
The KSE-30 index added 306.55 points, or 0.62 per cent, to close at 49,396.77.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX ended the session on a positive note. The market opened strongly, supported by easing geopolitical tensions and improving investor sentiment. Optimism stemmed from developments surrounding Iran-US relations and ongoing efforts to stabilise key global energy routes, which encouraged early buying activity.
On the corporate front, Sitara Petroleum’s book building was fully subscribed within just eight minutes at the cap price of Rs18.9, marking the fastest subscription in PSX history.
However, sentiment turned volatile towards the close after Iran’s Fars News Agency reported that missiles had been fired at a US warship in the Strait of Hormuz. The news triggered a sell-off in global equities, a spike in the US Dollar Index (DXY), and a roughly 4.0 per cent surge in oil prices. Subsequently, Axios reported that US officials denied the incident, which may help stabilise markets in the US session.
“Elevated oil prices and geopolitical uncertainty may keep near-term sentiment cautious. The 160k level should provide strong support, while 175k remains achievable if tensions ease,” Najib said.
Ready market turnover came in at 696.7 million shares, down 16.8 per cent from 837.37 million in the previous session. Traded value declined 3.94 per cent to Rs34.91 billion from Rs36.35 billion. Market capitalisation rose 0.57 per cent to Rs18.12 trillion from Rs18.02 trillion.
Market breadth was positive, with 295 stocks advancing, 151 declining and 41 unchanged out of 487 traded.Blessed Textiles Limited and Sazgar Engineering Works Limited led the gainers, rising Rs72.16 each to close at Rs1,294 and Rs2,040.07, respectively. On the downside, Bhanero Textile Mills Limited shed Rs77.64 to Rs812.36, while The Premier Sugar Mills declined Rs33.92 to Rs506.5.
According to Topline Sales Desk, the local bourse opened on a strong footing, buoyed by declining oil prices, with the index rallying to an impressive intraday gain of 4,251 points. However, late-session jitters emerged as geopolitical tensions escalated, with reports of a missile strike near the Strait of Hormuz dampening sentiment and triggering profit-taking.
Nonetheless, the market exhibited notable resilience, with the index settling at 163,948 level, up 954 points (+0.59 per cent), reflecting cautious optimism amid a volatile backdrop.
Index heavyweights including FFC, UBL, MCB, OGDC and HUBC led the charge, collectively contributing 543 points to the index.
Hascol Petroleum topped the turnover table with 51.51 million shares, declining 16 paisas to Rs21.33. Cnergyico PK followed with 50.17 million shares, gaining 15 paisas to Rs8.27. The remaining eight most-traded stocks were Sui Southern Gas, Bank of Punjab, WorldCall Telecom, Yousuf Weaving, K-Electric, Unity Foods, Pak Int. Bulk Terminal and Crescent Star Insurance.In the futures market, 339 contracts were traded, with 228 increasing, 103 decreasing and 8 unchanged.
