PSX sees lackluster session as investors remain cautious ahead of long Eid holidays

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a lackluster session on Thursday, marking the final trading day of the rollover week, as investors adopted a cautious approach ahead of the extended Eid holidays, analysts said.

The benchmark KSE-100 index inched up by 34.43 points (0.03 per cent), closing at 117,806.74, as investors played safe and planned to take new positions after Eid-ul-Fitr when the market reopens.

Muted activity was observed on the last trading session before the holidays, with the index fluctuating between an intraday high of +375 points and an intraday low of -221 points, before settling at 117,807, according to Topline Securities.

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Major positive contributions to the index came from UBL, HUBC, MCB, MEBL, and LUCK, collectively adding +55 points. On the flip side, SYS, FFC, PPL, MARI, and NBP lost value, dragging the index down by -29 points.

The benchmark index closed on a relatively flat note, fluctuating throughout the session due to the last day of the rollover week and caution ahead of the Eid holidays.

Trading volumes declined to 193 million shares, compared to 231 million shares in the previous session, Ismail Iqbal Securities reported.

In terms of traded value, PSO (Rs 11.18 million), MARI (Rs 3.04 million), HUBC (Rs 3.02 million), PPL (Rs 2.07 million), and MLCF (Rs 1.49 million) led the market activity.

The total traded volume and value for the day stood at 329 million shares and Rs 19.76 billion, respectively.

On a month-on-month (MoM) basis, the KSE-100 index recorded a 4% gain, driven by the staff-level agreement with the IMF, progress on the circular debt resolution plan, and reports suggesting that the government is working on a plan to lower electricity prices, Topline Securities stated in its monthly market roundup.

The Pakistan Stock Exchange will remain closed on Friday in observance of the Eid holiday.