KARACHI: The KSE-100 Index extended gains on Thursday, rising 984.86 points, or 0.58 per cent, to close at 171,175.51 against the previous session's close of 170,190.64.There was some improvement in investor confidence as there was no major conflict between the US and Iran following some strikes on Kuwait.
During the session, the index touched an intraday high of 171,455.77 and a low of 170,563.41. The KSE-30 Index added 329.46 points to settle at 51,222.5.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX extended its gains. Investor sentiment remained cautiously optimistic as hopes of progress in US-Iran negotiations provided support to the market. However, the absence of a formal agreement continued to keep risk appetite in check. Nonetheless, selective buying in heavyweight stocks helped the index maintain its positive trajectory.
“Going forward, hopes surrounding a potential US-Iran diplomatic breakthrough continue to underpin investor sentiment. However, until greater clarity emerges on the geopolitical front, markets are likely to remain sensitive to headlines, with stock-specific developments driving near-term performance,” he said.
Ready market turnover rose to 697.17 million shares from 551.95 million in the previous session, an increase of 26.3 per cent. Traded value climbed 10 per cent to Rs26.14 billion from Rs23.76 billion, while market capitalisation edged up 0.63 per cent to Rs18.98 trillion from Rs18.86 trillion.
Market breadth remained positive, with 316 companies advancing, 128 declining, and 48 closing unchanged out of 492 traded.Khairpur Sugar Mills Limited led the gainers, rising Rs209.02 to close at Rs2,373.63, followed by Unilever Pakistan Foods Limited, which gained Rs123.22 to Rs25,985.25. On the losing side, Blessed Textiles Limited fell Rs55.93 to Rs1,128.37, while Ismail Industries Limited declined Rs42.07 to Rs1,920.01.
According to Topline Sales Desk, the local bourse witnessed a mild pullback during the trading session; however, it managed to close firmly in positive territory as buyers regained control in the latter half of the day. The benchmark index oscillated between volatility and strength.
The upside momentum was largely driven by broad-based buying interest, supported by easing geopolitical tensions in the Middle East. The absence of any conclusive escalation in the US-Iran dynamics, along with its calming effect on global oil prices, helped restore some investor confidence.
On the index contribution front, heavyweight stocks remained in focus, with Fauji Fertilizer Company Limited, Pakistan Petroleum Limited, Oil & Gas Development Company Limited, Lucky Cement Limited, and Pakistan Telecommunication Company Limited collectively contributing approximately 458 points to the benchmark’s gains.
Beco Steel Ltd topped the turnover table with 113.09 million shares, its rate rising 26 paisas to close at Rs6.03. Pak International Bulk Terminal followed with 32.17 million shares changing hands, the stock advancing 65 paisas to Rs17.32. Other turnover leaders were WorldCall Telecom, Hascol Petroleum, TPL Properties, PTCL, Dewan Cement, Kohinoor Spinning, Maple Leaf Cement and the Bank of Punjab.In the futures market, 310 contracts were traded, with 242 recording an increase and 63 a decrease, while 5 remained unchanged.
