PSX swings before rebounding over 600 points in mid-morning session

KARACHI: The Pakistan Stock Exchange (PSX) began Wednesday’s trading session on a positive note, with the benchmark KSE-100 Index opening in the green. By around 9:32 AM, the index had surged by 482.68 points to reach 167,829.51, while trading volume stood at 5.5 million shares.

The early rally reflected strong investor confidence fuelled by encouraging corporate earnings and improving macroeconomic indicators.

Market volatility and quick rebound

Despite the strong start, the market experienced a brief dip as profit-taking dragged the PSX down by 356.47 points to 166,990.36 around 10:15 AM. The trading volume at that point had jumped sharply to nearly 163 million shares, signalling heavy participation from investors. However, the losses proved short-lived as buying activity picked up again, helping the market recover swiftly.

By 11:26 AM, the benchmark index had rebounded strongly, gaining 638 points to trade at 167,984.83, with the volume reaching 296.6 million shares. At 11:39 AM, the index stood at 167,966.67, marking an intraday increase of 619.84 points or 0.37 percent. During the session, the KSE-100 Index recorded an intraday high of 167,988.68 and a low of 166,990.36. The total traded volume reached over 321.9 million shares.

Top market movers

Among the most actively traded stocks, K-Electric Limited (KEL) led the volume chart with over 142.5 million shares changing hands, closing slightly lower at Rs6.40, down 1.69 percent. WorldCall Telecom (WTL) followed with a modest gain of 0.98 percent to Rs2.07 on nearly 58 million shares. TREET Corporation surged 6.13 percent to Rs32.90, with a strong turnover of 44 million shares.

Other notable gainers included Bank of Punjab (BOP), which rose 1.69 percent to Rs40.40, and Pakistan Telecommunication Company (PTC), which advanced 2.88 percent to Rs41.40.

Among the top advancers, FPJM led with a jump of 12.05 percent to Rs9.30, followed by TSMF, BECO, KOIL, and PABC, each rising by about 10 percent. On the losing side, KOHP dropped by 10 percent to Rs50.56, while PMRS and GEMBLUEX also slipped nearly 10 percent each.

Broader outlook remains positive

The broader sentiment at the PSX remained positive as investors continued to show confidence in the market after the recent ceasefire agreement between Pakistan and Afghanistan, which has helped ease regional uncertainty. On Tuesday, the benchmark KSE-100 Index had already extended its winning streak for the second consecutive session, climbing 1,103.93 points or 0.66 percent to close at 167,346.83.

During that session, the index touched an intraday high of 168,414.13 points with over 1 billion shares traded. Out of the 100 index-listed companies, 55 closed higher while 45 ended in negative territory. The rally was largely supported by commercial banks, which contributed 487.89 points, followed by oil and gas exploration companies, fertiliser, technology and communication, and automobile assembler sectors.

With the KSE-100 showing a year-on-year gain of 94.26 percent and a year-to-date rise of 45.90 percent, analysts believe the market is likely to maintain its upward trajectory in the coming days, supported by sustained investor interest and improving economic indicators.