The equity market in Karachi closed on a positive note on Wednesday, with the benchmark KSE-100 index gaining 380 points to settle at 44,944, up from the previous day’s closing of 44,564 points. This gain came despite volatile performance in the technology sector, which weighed down some key scrips.
According to analysts at Arif Habib Limited, the market maintained its upward trajectory throughout the day, driven by strong performances in Power, Banks, Exploration & Production (E&P), and Oil & Gas Marketing Companies (O&GMCs). However, the equity market faced some pressure from the technology sector, where erratic movements led to significant declines in NETSOL and TRG, briefly pulling the index downward.
Overall, the market posted an intraday gain of 610 points before settling with a 380-point increase by the close of trading. A key catalyst for the bullish sentiment was news of the partial release of funds by the government to clear outstanding dues of Independent Power Producers (IPPs). This development fueled buying interest in HUBC and KAPCO. Similarly, PSO saw a positive response on expectations of receivables from IPPs, further boosting equity market sentiment.
In terms of volume, trading activity improved markedly. Total volume rose 17 percent day-on-day, from 221.5 million shares to 259.9 million shares. Likewise, the average traded value jumped by 47 percent to $96.6 million from the previous session’s $65.8 million — signaling increased investor participation in the equity market.
Among individual scrips, UNITY led the volumes chart with 42.3 million shares, followed by TELE (32.7 million) and TRG (30 million). Collectively, UNITY, TELE, TRG, GGL, and NETSOL accounted for 54 percent of the market’s total traded volume.
Sectors positively contributing to the index included Power (+116 points), Banks (+75), E&P (+64), Cement (+48), and O&GMCs (+32), while Technology dragged the index down by -53 points.
This robust activity reinforces confidence in the equity market, which appears resilient despite pockets of weakness, particularly in the tech segment.