Pakistan stocks rally on broad-based buying across key sectors

KARACHI: The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index gained 830.43 points, or 0.48 per cent, on Wednesday to close at 172,232.51.

The index had closed at 171,402.08 points in the previous session.

The KSE-100 remained in positive territory throughout the session, hitting an intraday high of 172,762.41, up 1,360.33 points from the previous close. Its intraday low stood at 171,843.50.

Buying interest was witnessed across several key sectors, including fertiliser, commercial banks, refineries and oil and gas exploration companies.

Among major contributors to the index gain were Fauji Fertilizer Company (FFC), United Bank (UBL), Meezan Bank (MEBL), Attock Refinery (ATRL) and Engro Holdings (ENGROH).

FFC contributed 167.36 points to the index gain, followed by UBL with 112.45 points, MEBL with 81.43 points, ATRL with 76.89 points and ENGROH with 56.17 points.

On the other hand, MCB Bank, Pakistan Services Limited (PSEL), K-Electric (KEL), Bank Alfalah (BAFL) and National Bank of Pakistan (NBP) exerted downward pressure on the index.

The broader All-Share Index gained 469.06 points, or 0.45 per cent, to close at 104,231.79.

Trading activity also increased, with around 774 million shares changing hands compared with 642 million in the previous session. The total traded value rose by about Rs8 billion to Rs26.45 billion.

Of the 495 companies that traded during the session, 261 closed higher, 196 lower and 38 unchanged.

Earlier in the session, Business Recorder reported strong buying interest across automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies and refineries.

Index-heavy stocks including HBL, MCB, MEBL, NBP, MARI, OGDC, POL, PPL and ARL were trading in positive territory.