KARACHI: The KSE-100 index closed higher by 470 points on Friday amid falling lending rates while the market witnessed the highest ready volume after eight years.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index increased by 469.83 points or 0.48 per cent to 97,798.23 points against 97,328.4 points recorded in the last session. The highest index of the day remained at 99,623.04 points while the lowest level was recorded at 97,471.12 points.
Mohammed Sohail, CEO of Topline Securities, said the Pakistan Stock Market is witnessing a remarkable resurgence, with trading activity hitting record highs.
“Today’s cash/ready volume at the [PSX] surpassed the Rs45 billion mark (approximately $160 million), a milestone not achieved in over eight years,” he said.
The KSE-30 index increased by 288.27 points or 0.95 per cent to 30,480.71 points against 30,192.45 points.
Traded shares increased by 280 million shares to 1,249.092 million shares from 969.907 million shares. The trading value rose to Rs45.475 billion from Rs35.167 billion. Market capital, however, narrowed to Rs12.518 trillion against Rs12.525 trillion. Of the 449 companies active in the session, 112 closed in green, 296 in red and 41 remained unchanged.
Ahsan Mehanti, an analyst at Arif Habib Corp, said that the stock market rally was driven by favourable investor sentiment, alongside regulatory or banking sector adjustments that may have encouraged a shift towards equities.
This week, banks implemented a levy on large depositors as a strategy to comply with tax regulations or avoid higher taxation.
He said that higher global crude oil prices, rupee stability and surging forex reserves played a catalyst role in the record surge at the PSX
The highest increase was recorded in Nestle Pakistan Limited, which rose by Rs83.69 to Rs6,700 per share, followed by PIA Holding Company Limited B, which increased by Rs78.04 to Rs998.24 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs85.01 to Rs19,015 per share; Abbott Laboratories (Pakistan) Limited followed it, which closed lower by Rs61.72 to Rs1,023.1 per share.
Analyst Nabeel Haroon at Topline Securities said a rally was observed at the exchange led by the banking sector as the index gained to make an intraday high of 2,295 points (up by 2.36 per cent) largely on a rumour that the Pakistan Bankers Association has tabled the removal of MDR on savings deposits for conventional banks. Some profit-taking was observed later during the day as investors confirmed that the authorities had not confirmed the rumour. The KSE-100 index settled at 97,798 (up by 0.48 per cent).
The top contribution to the index came from the banking sector as MEBL, BAHL, MCB, HBL, BAFL and HMB cumulatively contributed 1,139 points to the index. Traded value wise HBL (Rs2.8 billion), PSO (Rs2.3 billion), MARI (Rs2.1 billion), FFC (Rs1.93 billion) and OGDC (Rs1.74 billion) dominated the activity.
HCAR closed near its lower circuit (down by 9.97 per cent). Pressure in the automobile assembler can be attributed to its Q2MY25 result on Friday, where the company posted an EPS of Rs1.8 (down by 62 per cent YoY and up by 27 per cent QoQ). The result came lower than industry expectations.
WorldCall Telecom remained the volume leader with 177.135 million shares which closed higher by one paisa to Rs1.39 per share. K-Electric Ltd followed it with 124.131 million shares, which closed lower by 8 paisas to Rs5.31 per share.
Other significant turnover stocks included Hascol Petrol, Fauji Foods Ltd, Treet Battery Ltd., BO Punjab, Sui South Gas, PIA Holding Company, Cnergyico PK and Pak Int. Bulk.
In the futures market, 310 companies recorded trading, 79 of which increased, 230 decreased, and one remained unchanged.
