The Pakistan Stock Exchange witnessed a sharp rally during trading on Thursday, and the KSE-100 index closed with a gain of 2.23 percent, reflecting improved investor confidence.
According to official data, the KSE-100 index closed at 168,514.45 points after gaining 3,683.02 points. The index also touched a high of 168,869.18 points during the day, while the low was 166,638.56 points.
The positive trend in the market was mainly due to buying in the banking, power, fertilizer and cement sectors. Analysts said that investors increased their activity in the market due to improving economic indicators and expectations regarding monetary policy.
United Bank Limited contributed the most to the index and added 560.70 points. Fauji Fertilizer Company and Lucky Cement also played a significant role and added 365.48 and 244.90 points respectively. Habib Bank Limited and HUBCO were also major contributors to the market’s rally.
On the contrary, pressure was seen in a few stocks including ILP, MEHT, JDWS, SAZEW and HCAR. However, the decline in shares of these companies could not affect the overall positive trend of the market.
According to the data, the constituent volume was recorded at 270.58 million shares, indicating strong market activity. The KSE-100 index has risen by 34.14 percent since the beginning of the financial year, which market observers are calling a positive sign.
According to experts, investors are currently keeping a close eye on the government’s progress on economic reforms, foreign investment and financial stability. They say that if inflation continues to fall and interest rates ease, further improvement can be seen in the market.
On the other hand, some experts have warned that factors such as uncertainty in global financial markets and rising crude oil prices can still affect Pakistan’s stock market.
Business circles termed the current market rally as a restoration of investor confidence and expressed hope that the market will remain stable in the coming days.
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