KARACHI: The Pakistan Stock Exchange (PSX) continued its bullish run for the sixth straight session on Thursday. The KSE-100 index increased 796 points to a new all-time high amid local mutual fund buying on expectations for an imminent IMF review and circular debt resolution.
The KSE-100 index increased by 795.74 points, or 0.67 per cent, to 118,769.77 points, up from the 117,974.03 points recorded in the last session. The highest index of the day remained at 119,421.81 points, while the lowest level was recorded at 118,444.04 points.
Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks reached an all-time high led by blue-chip scrips as investors weigh IMF conditional readiness to approve Rs1.5 trillion government circular debt management plan and projections for thin inflation in March 25.”
He said that government deliberation on privatisation of SOEs, and expectations of the IMF approval over a cut in industrial power tariffs played a catalyst role in the bullish close at the PSX.
The KSE-30 index increased by 36.41 points 0.1 per cent to 36,532.05 points against 36,495.64 points.Traded shares rose by 123 million shares to 667.875 million shares against 544.2 million shares. The trading value increased to Rs38.525 billion from Rs32.31 billion. Market capital expanded to Rs14.43 trillion against Rs14.355 trillion.
Of the 442 companies active in the session, 205 closed in green, 176 in red and 61 remained unchanged. Analyst Maaz Mulla at Topline Securities said the stock market continued its bullish momentum, reaching record-high levels with a record-high trading value in nearly two months.
“This strong upward movement was largely driven by aggressive buying from local mutual funds, as investor confidence remained high on expectations of an imminent IMF review, which might be completed earlier than expected,” he said.
MARI stole the spotlight today, recording a staggering Rs7.17 billion in traded value, as investors speculated on a potential announcement in its emergent board meeting scheduled for tomorrow.
The uptrend was primarily driven by MARI, SYS, FFC, PPL, and HUBC, which collectively contributed 850 points to the index. Conversely, ENGROH, UBL, and BAHL exerted downward pressure, trimming 142 points from the gains.
The highest increase was recorded in Mari Energies Limited, which rose by Rs700.09 to Rs57.72 per share, followed by PIA Holding Company Limited B, which increased by Rs55.45 to Rs977.46 per share. A significant decline was noted in Sapphire Textile Mills Limited, which fell by Rs23.20 to Rs1,126.86 per share; Nestle Pakistan Limited followed it, which closed lower by Rs18.41 to Rs7,383.92 per share.
Cnergyico PK remained the volume leader with 163.976 million shares, which closed higher by 71 paisas to Rs8.21 per share. BO Punjab XD, with 45.899 million shares, followed it, which closed lower by 49 paisas to Rs11.63 per share.
Other significant turnover stocks included Pak Refinery, Sui South Gas, PIA Holding Company, Pak Elektron, Pak Int Bulk, WorldCall Telecom, Hub Power Co. XD and TRG Pak Ltd.
In the futures market, 317 companies recorded trading, 135 of which increased, 170 decreased and 12 remained unchanged.