The KMI-30 index recorded a significant rally on the Pakistan Stock Exchange due to the strong performance of Shariah-compliant shares, which contributed to the overall market sentiment. The index saw a 1.19 percent gain on Wednesday, which is considered the best performance in recent weeks.
Buyers appeared active at the start of trading, and the index rose sharply. The buying pressure continued throughout the day, as a result of which the KMI-30 also crossed the 264 thousand points level, but at the end it closed at 263,795 points.
According to market data, stocks like HUBCO, MEBL and SAZEW supported the index. HUBCO’s performance in particular was prominent, which showed investor confidence in the energy sector. Limited but steady buying was also seen in the banking and industrial sectors.
A total of more than 229 million shares were traded in the market, which indicates that investors are making short-term as well as long-term positions. The KMI-30 has gained over 42% since the beginning of the financial year, reflecting the strong fundamentals of the market.
Some stocks also played a negative role, including PPL and OGDC, but their declines failed to stop the overall rally.
According to market experts, the rally in the Shariah-compliant index reflects the growing trend of Islamic investment. They say that if corporate earnings and economic policies continue to be consistent, the KMI-30 can touch new heights in the future.
