PSX closes week above 73,000 mark

WEB DESK: The Pakistan Stock Exchange (PSX) continued its bullish trend on Friday, with the benchmark KSE-100 index surging above the 73,000 mark. The index closed at 73,085.5 points, reflecting a gain of 427.45 points, or 0.59 per cent day-on-day.

Throughout the session, the KSE-100 index remained positive, with most of the buying activity concentrated in the morning hours.

The index hit an intraday high of 73,449.38 points, gaining 791.32 points, before profit-taking in the latter half of the session trimmed some gains. The intraday low was recorded at 72,876.84 points, up 218.79 points, before closing at 73,085.5.

The trading volume on the KSE-100 index was 321.31 million shares, indicating a moderate level of activity. Among the index constituents, 70 companies closed higher, 29 declined, and one remained untraded.

Sector-wise, the positive momentum was driven by cement, textile composites, oil and gas marketing companies, pharmaceuticals, and engineering, contributing 219.69, 49.12, 38.49, 32.34, and 31.14 points, respectively.

On the other hand, the fertiliser, investment banks and companies, commercial banks, automobile parts and accessories, and refinery sectors pulled the index down, with fertiliser being the largest drag, reducing the index by 105.43 points.

Key contributors to the upward trend included companies such as Lucky Cement (73.07 points), DG Khan Cement (39.04 points), Pioneer Cement (37.45 points), Pakistan Oilfields (37 points), and International Industries (31.41 points).

Meanwhile, the top losers were Engro Corporation (67.63 points), Engro Fertilisers (64.64 points), Dawood Hercules Corporation (41.71 points), Mari Petroleum (37.64 points), and Bank Alfalah (19.43 points).

In the broader market, the All-Share index closed at 47,546.55 points, gaining 274.33 points. The total market volume increased to 741.20 million shares from 674.98 million in the previous session. Traded value also rose, reaching Rs25.27 billion, up by Rs1.21 billion.

The market reported 281,543 trades across 381 companies, with 217 stocks closing higher, 132 closing lower, and 32 remaining unchanged.

Overall, the KSE-100 index has seen considerable growth, gaining 31,633 points, or 76.31 per cent, during the current fiscal year.

Meanwhile, the calendar year has so far seen an increase of 10,634 points, equivalent to 17.03 per cent.

This bullish sentiment reflects the confidence of investors in Pakistan’s stock market and suggests a positive outlook for the coming months.

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