KARACHI: The Pakistan Stock Exchange (PSX) witnessed a modest upswing on Thursday, with the benchmark KSE-100 index gaining 62 points in a day marked by narrow range trading.
The index closed at 47,962 points, reflecting an increase of 62 points compared to the previous day’s closing at 47,901 points.
Analysts at Arif Habib Limited reported that the market sustained its narrow range trading pattern, with investors capitalizing on profits, particularly in the aftermath of the budget announcement and during the ongoing roll-over week. While the banking sector stocks experienced a slight uptick, selling pressure in the Technology, Refinery, and Cement sectors limited the index’s upward momentum.
Throughout the trading session, the index saw gains of 218 points, ultimately closing the session with an unadjusted increase of +73 points. Leading the table in terms of scrips, WTL emerged as the most traded stock with 97.4 million shares, followed by PACE (35.6 million) and SILK (33.7 million).
Sectors contributing positively to the market’s performance included Power (+32 points), Banks (+24 points), and Cement (+16 points). Conversely, the Technology sector faced a decline of -25 points, while Refinery stocks saw a dip of -11 points.
Market activity recorded a modest increase in volumes, rising from 619.1 million shares to 637.3 million shares, reflecting a 3 percent day-on-day uptick. However, the average traded value experienced a 13 percent decline, reaching US$ 103.5 million compared to the previous day’s US$ 118.3 million.
Noteworthy contributors to trading volumes included WTL, PACE, SILK, TPL, and GGGL, collectively forming 34 percent of the total volumes traded. Stocks that positively impacted the index included HUBC (+27 points), UBL (+21 points), DAWH (+10 points), GLAXO (+10 points), and HBL (+9 points). On the flip side, stocks such as TRG (-32 points), MCB (-11 points), ENGRO (-6 points), NRL (-5 points), and BAFL (-5 points) exerted a negative influence.
The market’s performance reflects the cautious approach of investors, focusing on profit-taking and sector-specific dynamics. The slight increase in the index was underlined by the resilience of the banking sector, even as other sectors faced selling pressure. As market participants continue to navigate uncertainties, the coming sessions will likely be influenced by global economic trends, local developments, and the evolving geopolitical landscape.
