KARACHI: The Pakistan Stock Exchange (PSX) staged a strong recovery on Tuesday as the KSE-100 index climbed 1,376.85 points, or 0.81 per cent, to close at 170,330.56 against the previous close of 168,953.71. The market sentiment improved on easing geopolitical tensions and a decline in oil prices.
The index reached an intraday high of 171,022.94 before settling above its low of 170,250.27. The KSE-30 index added 386.66 points to finish at 50,737.15.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX staged a strong recovery. Investor sentiment improved amid easing geopolitical concerns, prompting broad-based buying from the opening bell and pushing the benchmark index sharply higher. While some gains were trimmed later in the session, sustained buying interest kept the market firmly in positive territory for most of the day.
“Going forward, improving geopolitical sentiment has provided near-term relief to the market. However, investors are likely to remain focused on regional developments and upcoming budget announcements, which may continue to influence market direction in the coming sessions,” said Najib.
Ready market share volume rose to 767.45 million shares, up 16.64 per cent from the preceding session’s 657.97 million shares. Traded value expanded 20.28 per cent to Rs27.18 billion from Rs22.59 billion, while market capitalisation gained 0.85 per cent to Rs18.91 trillion against Rs18.75 trillion previously.
Market breadth was firmly positive, with 351 companies advancing, 104 declining and 37 finishing unchanged out of a total of 492.Naveed Nadeem, an analyst at Topline Sales Desk, said market sentiment remained positive, supported by a decline in international crude oil prices following the easing of geopolitical tensions between Iran and Israel. The improving regional outlook helped strengthen investor confidence and encouraged broad-based buying activity.
Although the market opened sharply higher, some gains were pared during the session as investors engaged in profit-taking. Nevertheless, sustained buying interest successfully absorbed selling pressure, enabling the index to remain firmly in positive territory throughout the day, he said.
UBL, HUBC, HBL, LUCK and MEBL emerged as the top contributors, collectively adding 526 points to the index. On the flip side, PSEL, MCB, THALL, PSX and JDWS weighed on performance, jointly eroding 60 points.
Among gainers, PIA Holding Company surged Rs890 to close at Rs18,390, while Blessed Textiles Limited rose Rs86.01 to Rs1,162.1. On the losing side, Rafhan Maize Products Company declined Rs61.61 to Rs9,444.39, and The Thal Industries Corporation fell Rs22.04 to Rs912.77.
TPL Properties led turnover with 56.53 million shares, gaining 103 paisas to close at Rs11.31. TPL Corp Ltd followed with 50.81 million shares, rising 130 paisas to Rs14.32. The remaining turnover leaders were Pace (Pak) Ltd, WorldCall Telecom, Waves Home App, TRG Pak Ltd, First Dawood Prop, TPL REIT Fund I, DS Ind Ltd and Pak Int Bulk.In the futures market, 310 contracts were traded, with 279 increasing, 28 decreasing and 3 unchanged.
