PSX starts strong as KSE-100 jumps over 1,100 points

KARACHI: The Pakistan Stock Exchange (PSX) kicked off Wednesday’s session on a bullish note, with the benchmark KSE-100 Index posting notable gains in early trade. By around 10:20 AM, the index had climbed 823.78 points to reach 143,860.94, reflecting a gain of 0.58 percent from the previous close of 143,037.16.

The index showed strength throughout the early session, touching an intraday high of 144,164.89, while the low stood at 143,409.59. Trading activity was strong, with volumes nearing 64 million shares by the time of reporting. The overall value traded stood at over Rs6.64 billion.

This positive momentum adds to Tuesday’s rally, when the KSE-100 had surged by 984.52 points or 0.69 percent. That session saw the index reach an intraday peak of 143,281.34 and a low of 142,235.71. A total of 262.32 million shares had exchanged hands.

In terms of broader performance, the index has gained 24.95 percent year-to-date and has seen an impressive 86.36 percent increase over the past year. The benchmark continues to test new highs, with its 52-week range now standing between 77,035.96 and 144,164.89.

Market movers

Among the top gainers in the early session was HIRAT, which rose 19.10 percent to trade at Rs5.30. Other strong performers included PASM, up nearly 16 percent to Rs7.28, and AMTEX, which gained 13.44 percent to reach Rs3.63.

Blue-chip names also showed strength. NESTLE traded at Rs9,568.15, up by Rs869.83 or 10 percent. ALNRS, BAFS, and SASML each gained 10 percent, trading at Rs94.90, Rs164.73, and Rs194.76, respectively.

On the flip side, GEMMEL led the losers, down 10 percent to Rs22.50. TPLL dropped by Rs5.58 to Rs50.23, while ASLCPS and DIIL also posted sharp declines of around 10 percent. Other decliners included SHCM, OML, and JKSM, which all saw losses exceeding 5 percent.

Later, around 10:49 AM, the PSX extended its gains as the KSE-100 Index rose by 1,171.87 points to reach 144,209.03, with the trading volume standing at 92.84 million shares.

Analysts remain optimistic about the near-term trajectory of the market. Ali Najib, Deputy Head of Trading at Arif Habib Limited, said the upbeat earnings season and continuous flow of positive developments are expected to keep bearish sentiments at bay. However, he noted that the 140,000 level could act as a strong support in case of any market correction.

With investor sentiment boosted by earnings optimism and technical strength, market participants are likely to keep a close eye on upcoming financial results and macroeconomic cues.

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