KARACHI: The KSE-100 index posted a sharp advance on Wednesday, surging 1,934.74 points, or 1.19 per cent, to close at 164,831.42 against the previous session’s close of 162,896.68. The market performed positively amid easing geopolitical tensions and declining oil prices in the international market.
The index touched an intraday high of 165,081.7 and a low of 162,895.74, while the KSE-30 index gained 669.37 points, or 1.37 per cent, to finish at 49,356.83.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed a stable session. The market experienced significant intraday movement during the session.
Interior Minister Mohsin Naqvi is in Tehran for the second time in less than a week for talks with Iranian officials. Improved market confidence was largely driven by anticipation of easing tensions between Iran and the US, as well as a decline in international oil prices.
Lucky Motor Corporation was set to officially launch four GAC electric vehicles in Pakistan on Wednesday. The launch would include models from two GAC electric sub-brands: AION and Hyptec. The expected lineup includes the AION V, AION UT, AION ES and Hyptec HT.
MEBL, FFC, UBL, ENGROH and PPL collectively added 836 points to the benchmark index and played a pivotal role in sustaining the market’s bullish momentum.
“Going forward, US-Iran developments will remain a key market catalyst, with ongoing diplomatic engagement and backchannel talks keeping investors focused on geopolitical headlines,” Najib said.
In the ready market, 386.39 million shares changed hands, down 1.41 per cent from 391.94 million in the previous session. Traded value fell 12.4 per cent to Rs20.13 billion from Rs22.98 billion, while market capitalisation rose 0.9 per cent to Rs18.24 trillion from Rs18.08 trillion.
Market breadth was strongly positive, with 302 stocks advancing, 141 declining and 40 finishing unchanged out of 483 companies traded.
Among the session’s top gainers, Unilever Pakistan Foods Limited rose Rs185 to close at Rs26,100, while Khairpur Sugar Mills Limited advanced Rs174.29 to Rs1,917.2. On the downside, Pakistan Tobacco Company Limited shed Rs52.37 to close at Rs1,307.63, and Nestle Pakistan Limited declined Rs45.48 to Rs7,554.52.
Naveed Nadeem, senior equity trader at Topline Securities Limited, said the benchmark KSE-100 Index closed the session at 164,831 points, posting a strong gain, as investor sentiment rebounded sharply.
Improved market confidence was largely driven by easing tensions between Iran and the US, alongside a decline in international oil prices.
The positive performance was mainly supported by heavyweight stocks, including MEBL, FFC, UBL, ENGROH and PPL, which collectively added 836 points to the benchmark index and played a pivotal role in sustaining the market’s bullish momentum.
Sui South Gas topped the turnover table with 25.26 million shares, gaining 71 paisas to close at Rs25.93, followed by Bank of Punjab with 24.57 million shares, up 50 paisas to Rs33.43. The remaining eight companies in the turnover list were WorldCall Telecom, Hira Textile, Hascol Petroleum, Cnergyico PK, K-Electric, Globe Residency, F Nat Equities and Maple Leaf.
In the futures market, 318 companies were traded, of which 251 recorded gains, 65 posted losses and 2 remained unchanged.
