PSX Surges as KSE100 Gains 2838 Points

The Pakistan Stock Exchange (PSX) on Thursday closed its trading session with a positive finish as most of the major businesses saw strong buying activity, creating a fresh sentiment of optimism among investors.

The KSE-100 index closed at 178,123.57 points, up 2,837.78 points, or 1.62 percent from the previous close. The benchmark has seen its highest intraday price at 178,431.74 points and the lowest at 175,672.34 points during the session. Trading activity was also strong, with partial stocks trading 311.88 million shares.

The KMI-30 index was showing positive movement on the market, finishing up 3,970.51 points or 1.61 per cent, at 250,746.13 points. The index ranged between 247,430.73 points at the bottom of the day and 251,197.81 points at the top of the day, and the partial volume reached 98.70 million shares.

On the whole, market sentiment was bullish as investors were interested in buying stocks across many sectors, including the banking, fertiliser, energy and cement sectors. Heavyweight companies led the way, helping both the benchmark indices maintain gains till the close.

Engro had the most favourable effect on the KMI-30 index, followed by Meezan Bank, Hub Power, Lucky Cement and Fauji Fertiliser Company. The market rallied amid the top gainers like Engro, UBL, Meezan Bank, Hub Power and Lucky Cement.

Some shares tumbled on the KMI-30, including Airlink and Honda Atlas Cars, along with the KSE-100 Index shares of Unity Foods, IBFL, HGFA, RMPL and Thal Limited. The declines, however, did not have any significant effect on the overall market performance.

The strong surge marked a return in investor confidence and ongoing buying interest in companies with sound business fundamentals, analysts said. They said continued demand for blue-chip names and positive sentiment for the domestic economy helped hold the market in positive territory, but investors are likely to remain on their toes with regard to upcoming economic news and corporate earnings.