The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed with a gain of 169 points on Thursday, largely driven by increased activity in the exploration and production (E&P) sector.
The KSE-100 index ended the session at 39,090 points, compared to its previous closing of 38,921 points, marking an increase of 169 points. Market analysts noted that the market performed well throughout the day, reaching a high of 304 points during the session and maintaining trading above the 39,000-point level.
E&P stocks were the primary drivers of the market’s performance, continuing the trend from the previous day. This surge was attributed to the increase in crude oil prices, which jumped approximately 5 percent overnight.
However, blue-chip stocks in the banking sector remained relatively subdued throughout the trading day, as did companies in the cement and steel sectors. Investors expressed concerns about the upcoming financial results of these sectors, particularly for the outgoing quarter, resulting in a bearish sentiment among investors.
The day’s trading volumes were led by Bank of Punjab (BOP), Worldcall Telecom (WTL), and Pakistan Elektron Limited (PAEL). The sectors contributing to the overall performance of the market included E&P (+138 points), Banks (+48 points), Fertilizer (+27 points), Tobacco (+21 points), and Insurance (+17 points).
The total trading volume for the day declined from 133.8 million shares to 111.9 million shares, representing a decrease of 16 percent day-on-day. Similarly, the average traded value decreased from $42 million to $33 million, indicating a 22 percent decline day-on-day.
Prominent stocks that significantly contributed to the trading volumes included BOP, WTL, PAEL, K-Electric Limited (KEL), and Sui Southern Gas Company Limited (SSGC), collectively accounting for 36 percent of the total trading volumes.
The performance of the Pakistan Stock Exchange reflects the impact of various factors, including the movement of key sectors, international commodity prices, and investor sentiment. The significant contribution of the E&P sector highlights the influence of global oil prices on Pakistan’s stock market.
