KARACHI: The Pakistan Stock Exchange (PSX) continued its increasing streak on Thursday as the KSE-100 index gained 887.19 points, or 0.49 per cent, to close at 181,398.22, against the previous close of 180,511.02. The market optimism increased on the US-Iran peace talks and a decline in international oil prices.
The index touched an intraday high of 181,869.34 and a low of 181,045.34. The KSE-30 index rose 257.23 points to close at 54,098.5.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX extended gains. Market sentiment stayed positive as investors engaged in selective buying, particularly in blue-chip cyclical stocks.
On the macro front, expected declines in HSD and MS prices by Rs33.5/litre and Rs21.38/litre, (effective June 20) respectively, driven by lower global oil prices and easing geopolitical tensions following the US-Iran MoU, continued to support the outlook for inflation and external stability.
“The market is likely to maintain its positive bias in the near term, supported by a stable monetary policy outlook, improving external account indicators, easing geopolitical tensions following the US-Iran MoU, and expectations of lower fuel prices,” said Najib. “However, intermittent profit-taking may keep gains gradual after the recent strong rally.”
Ready market turnover edged up 0.91 per cent to 1,241.7 million shares from 1,230.54 million shares in the previous session. Traded value declined 16.17 per cent to Rs58.01 billion from Rs69.22 billion, while market capitalisation increased 0.6 per cent to Rs20.25 trillion from Rs20.13 trillion.
Market breadth was positive, with 264 stocks advancing against 201 declining and 30 unchanged.Among the top gainers, PIA Holding Company Limited rose Rs446 to close at Rs17,900, while Service Industries Limited added Rs185.8 to close at Rs2,303.9. On the downside, Sapphire Textile Mills Limited shed Rs39.8 to close at Rs1,449.17, and Indus Motor Company Limited declined Rs22.17 to close at Rs2,059.43.
According to Topline Sales Desk, the local bourse witnessed another bullish trading session, with investors maintaining a positive stance throughout the day. The upward momentum was primarily fuelled by the continued decline in international crude oil prices, which improved the macroeconomic outlook and strengthened investor confidence. Further supporting sentiment was growing optimism surrounding the anticipated signing of a peace agreement MoU between Iran and the US, reportedly scheduled for Friday. The development raised hopes of easing geopolitical tensions in the region, encouraging risk-taking activity and broad-based buying across key sectors.
On the index contribution front, index heavyweights HUBC, SRVI, FFC, ENGROH and PPL emerged as the primary drivers of upside momentum, collectively contributing 679 points to the benchmark's gain.
Kohinoor Spinning led ready market turnover with 230.18 million shares, gaining 50 paisas to close at Rs6.98, followed by K-Electric Ltd with 57.39 million shares, rising 8 paisas to close at Rs8.44. Other most-traded stocks were WorldCall Telecom, Service Long March, Media Times Ltd, Maple Leaf, Pak Elektron, Bank of Punjab, Power Cement and Bunnys Limited.In the futures market, 310 contracts were traded, with 169 increasing in value, 133 declining and 8 unchanged.
