Equities extend gains in Pakistan
The benchmark KSE-100 Index increased by 1,278.16 points or 1.09 percent to close at 118,576 points on Tuesday compared to 117,298 points on Monday. The intraday trading index also touched a high level of 120,067 points and low level of 116,860 points. Overall, some 684 million shares were traded down from 733 million a day earlier.
Analysts said the bullish momentum from the previous session carried forward, fuelled by robust institutional buying particularly from local mutual funds, as indicated by NCCPL data. This positive sentiment propelled the benchmark index to an impressive intraday gain of 2,769 points. The key drivers of the rally included heavyweight stocks such as PPL, OGDC, LUCK, PSO, and MARI, which collectively contributed 1,177 points to the KSE-100 index's upward trajectory, they added.
On Tuesday, BRIndex100 opened at 12,403.25 points and finally closed at 12,643.50, which was 240.25 points or 1.94 percent higher than previous close. Total volume at BRIndex100 was 601.262 million. BRIndex30 also gained 1,731.67 points or 4.87 percent to settle at 37,292.95 points with a total volume of 402.802 million shares.
Ahsan Mehanti of Arif Habib Corp said stocks closed higher as investors weigh Pak-India ceasefire talks fostering stability and FM assurance on the thin fiscal impact of conflict. The rupee stability on easing geo political tensions & IMF loan approval, upbeat global equities and surge in global crude oil prices played a catalyst role in bullish close at PSX, he added.
The overall share trading volume market decreased from 732 million to 684 million shares. However, the share trade value increased to Rs 52.58 billion on Tuesday compared to Rs. 22.204 billion a day earlier. The market capitalization increased by 189 billion to reach Rs. 14.016 trillion.
WorldCall Telecom was the volume leader with around 42 million shares and closed at Rs 1.26 followed by Maple Leaf that closed at Rs 75.92 with 41 million shares. Sui South Gas ranked third with share trading of 35.7 million shares and it closed at Rs 32.79.
PIA Holding Company LimitedB and Lucky Core Industries Limited the top gainers increasing by Rs 850.88 and Rs 97.35 respectively to close at Rs 9,359.63 and Rs 1,557.37, while Rafhan Maize Products Company Limited and Nestle Pakistan Limited were the top losers declining by Rs 154.22 and Rs 90.58 respectively to close at Rs 8,911.00 and Rs 7,074.09.
BR Automobile Assembler Index closed at 22,336.18 points, rising by 64.45 points or 0.29 percent, with a turnover of 6.99 million shares. BR Cement Index surged to 10,140.61 points, posting a strong gain of 332.88 points or 3.39 percent, on a turnover of 125.32 million shares.
BR Commercial Banks Index declined to 34,288.59 points, down 378.15 points or 1.09 percent, with 59.82 million shares traded. BR Power Generation & Distribution Index ended at 19,663.66 points, slipping by 78.19 points or 0.4 percent, with a turnover of 43.47 million shares.
BR Oil & Gas Index gained 570.64 points or 5.04 percent to close at 11,882.96 points, on 123.67 million shares turnover. BR Technology & Communication Index finished at 4,867.14 points, adding 51.82 points or 1.08 percent, with 77.05 million shares traded.
Analysts at JS Global said the KSE-100 Index surged 2.4 percent in intraday trading, continuing its three-session rally and nearing its all-time high of 120,796 points. The bullish sentiment follows signs of de-escalation in India-Pakistan tensions, which previously weighed on the market. Additionally, the IMF's financial support, including a fresh $1.4 billion under the Resilience and Sustainability Facility, has boosted investor confidence, they added.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
41 minutes ago
- Express Tribune
Moody's lifts Pakistan's rating to ‘Caa1' on stronger external finances
Moody's said on Wednesday it had raised Pakistan's credit rating by one notch to 'Caa1' from 'Caa2' due to an improving external financial position and it assigned the country a "stable" outlook. The announcement came within hours of Pakistan's Finance Minister Mohammed Aurangzeb saying there was more room for the central bank to cut the country's key policy rate from 11% on the back of positive economic indicators. "The credit rating's improvement is a sign that economic policies are heading toward the right direction," Prime Minister Shehbaz Sharif said in a statement. Also Read: Aurangzeb vows to close tax loopholes, boost investor confidence Pakistan's international bonds rose as much as 1 cent to between 90 and 100 cents on the dollar following the ratings upgrade. It lifted most of them to their highest since early 2022 when fears of a full-blown debt crisis sent them plunging to as little as 30 cents. Moody's decision to raise the rating by one notch after Fitch and S&P did the same will help Pakistan's capability to raise external debt. Pakistan says its economy is on a recovery path after a $7 billion IMF bailout helped to stabilise it. "We changed the outlook for the Government of Pakistan to stable from positive," Moody's said in a statement. "The upgrade to Caa1 reflects Pakistan's improving external position, supported by its progress in reform implementation under the IMF Extended Fund Facility (EFF) program," it said. Pakistan's debt affordability has improved, but remains one of the weakest among rated sovereigns, Moody's said, adding that the Caa1 rating also reflected the country's weak governance and high degree of political uncertainty. Read: New Pak-US front against terror trains sights on BLA, TTP Aurangzeb told a gathering of businessmen in Islamabad ahead of the Moody's announcement that he was expecting an improvement in Pakistan's credit rating by other agencies after Fitch and S&P. "We are hopeful of progress in terms of the policy rate going south," he added. Aurangzeb said it was his personal view that there was more room for a rate cut towards the end of the year, adding that it was for the central bank to make the final call on the issue. The next policy rate announcement is due on September 15. The central bank left its key interest rate unchanged at 11% on July 30, going against analyst expectations. In a Reuters poll they had forecast a reduction of 50 to 100 basis points. The bank said the inflation outlook had deteriorated due to rising energy prices. Inflation accelerated to 4.1% year-on-year in July.
Express Tribune
41 minutes ago
- Express Tribune
Stocks give up early gains, succumb to profit-booking
The Pakistan Stock Exchange (PSX), after kicking off the new trading session on an upbeat note on Wednesday, gave up early optimism over profit-booking pressure. By the close of trading, the benchmark KSE-100 index recorded a loss of 476 points, or 0.32%, at 146,529. In the morning, stocks showed impressive movement, which took the index to intra-day high of 147,892. However, at midday the market began to lose steam as traders grew increasingly risk averse. It resulted in a steady pullback, pushing the index to the day's low at 146,418. The downturn was largely attributed to profit-booking. Arif Habib Limited (AHL) Head of Research Sana Tawfik told The Express Tribune that the stock market started off on a positive note but lost early momentum due to profit-taking and closed lower. 'As expected, it is a consolidation phase at current levels following a streak of record-breaking rallies,' she said. 'However, the sentiment is expected to turn positive in the backdrop of several factors such as Moody's credit rating upgrade for Pakistan to Caa1 from Caa2 and robust financial results. Profit-taking is also expected to continue simultaneously,' she added. KTrade Securities, in its market wrap, noted that the KSE-100 index remained range bound as investors continued to take profit. The index lost 476 points and closed at 146,529 after hitting intra-day high of 147,892 and low of 146,418. Cement stocks performed positively while fertiliser and oil and gas sectors lost ground, it said. Key gainers included Lucky Cement, Habib Bank, Meezan Bank and National Bank. On the flip side, Fauji Fertiliser, Engro Fertilisers, Pakistan Petroleum and MCB Bank pulled the index down. The uptrend may continue, however, some consolidation is likely as the index hovers around record highs, KTrade concluded. Overall trading volumes decreased to 647.1 million shares compared with Tuesday's tally of 691.7 million. Traded value stood at Rs40.9 billion. Shares of 487 companies were traded. Of these, 199 stocks closed higher, 240 dropped and 48 remained unchanged. Yousuf Weaving was the volume leader with trading in 51.8 million shares, gaining five paisa to close at Rs6.14.
Business Recorder
4 hours ago
- Business Recorder
Gold price continues to fall, reaches Rs358,100
Gold prices in Pakistan continued to decrease on Wednesday in line with their loss in the international market. In the local market, gold price per tola reached Rs358,100 after a decline of Rs200 during the day. As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs307,013 after it lost Rs171. On Tuesday, gold price per tola reached Rs358,300 after a decline of Rs500 during the day. The international rate of gold also saw a decrease today. The rate was at $3,354 per ounce (with a premium of $20), a loss of $2, as per APGJSA. Meanwhile, silver price per tola increased by Rs59 to reach Rs4,072.
