PSX ends week with nearly 3,000-point gain

KARACHI: The Pakistan Stock Exchange (PSX) maintained its upward trajectory on Friday, as the KSE-100 index surged by 498.61 points or 0.65 per cent to reach a historic high of 76,706.7.

This follows yesterday’s remarkable gain of 3,411 points or 4.7 per cent, marking the largest increase since the International Monetary Fund’s (IMF) bailout package last year. Investor sentiment was bolstered by the government’s decision to keep the capital gains tax rate unchanged.

During the week, the PSX started at 73,754 points and closed at 76,706 points, marking an increase of 2,952 points over five trading sessions.

Throughout Friday’s trading session, the index fluctuated within a range of 1,206.89 points, reaching an intraday peak of 77,310.45 (+1,102.29) and a low of 76,103.56 (-104.6) points. The total trading volume for the KSE-100 index amounted to 212.69 million shares.

Among the 100 companies listed on the index, 43 ended the day with gains, 53 with losses, 3 remained unchanged, while 1 was not traded.

The rise in the KSE-100 index was primarily driven by gains in sectors such as Commercial Banks (706.41 points), Food & Personal Care Products (32.05 points), Power Generation & Distribution (26.18 points), Inv. Banks / Inv. Cos. / Securities Cos. (25.69 points), and Tobacco (7.43 points).

Conversely, sectors like Cement (71.28 points), Technology & Communication (57.35 points), Textile Composite (29.31 points), Automobile Parts & Accessories (22.92 points), and Miscellaneous (22.9 points) weighed on the index.

Key contributors to the index’s rise included MEBL (135.26 points), MCB (127.12 points), BAFL (117.01 points), UBL (114.86 points), and BAHL (94.34 points). On the other hand, notable detractors included PPL (65.7 points), SYS (37.6 points), ILP (37.47 points), LUCK (30.24 points), and PSEL (25.89 points).

The upbeat market performance underscores growing investor confidence amidst favorable economic policies and sector-specific developments.

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