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A broker is seen speaking to someone on phone at the Pakistan Stock Exchange (PSX) in Karachi on Thursday, October 17, 2024. — PPI
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KARACHI: The Pakistan Stock Exchange (PSX) ended the week on a strong note, with the benchmark KSE-100 index gaining 1,435 points, as investors took the confidence of former Prime Minister Imran Khan as a positive for the market. It is possible. To cut through the political noise.
The KSE-100 rose 1,435.34 points or 1.26 percent to 115,272.08 points from 113,836.74 points recorded in the previous session. The highest index of the day stood at 115,356.12 points while the lowest level was recorded at 113,571.96 points.
Ahsan Mahanti, an analyst at Arif Habib Corporation, said the positive performance of stocks was driven by strong investor sentiment during the earnings season, fueled by optimism about political developments – particularly But, PTI’s founder’s belief and prospects for growth. Government and PTI talks
Falling lending rates, increased SBP foreign exchange reserves amid $2 billion UAE deposit rollover and easing political noise contributed to the PSX’s rise, he said. The KSE-30 index rose 549.26 points or 1.54 percent to 36,311.37 points. 35,762.11 points.
Shares traded increased by 80 million shares to 549.584 million shares from 469.44 million shares. The trade value increased from Rs 24.981 billion to Rs 35.931 billion. Market capitalization expanded to Rs 14.244 trillion as against Rs 14.088 trillion. Out of 461 companies active in the session, 264 were in green, 128 were in red and 69 were unchanged.
A bullish session was witnessed as the KSE-100 index closed largely in a positive zone at 115,272 (up 1.26 per cent) during the trading session, said an analyst at Topline Securities. “The reason for this positivity in the market is that former Prime Minister Imran Khan may be sentenced to 14 years in prison by the court for illegally taking land from a real estate tycoon.” “The market took the above development positively as it would result in political stability and favor the status quo.”
The highest positive contribution to the index came from UBL, HUBC, LUCK, PPL, OGDC and POL, as they collectively contributed 669 points to the index. FFC (Rs 1.39 billion), PSO (Rs 1.36 billion), Engroh (Rs 1.21 billion), DGKC (Rs 1.13 billion), PPL (Rs 1.12 billion) and OGDC (Rs 1.01 billion rupees) dominated the commercial activities.
The highest gainer was recorded in Unilever Pakistan Foods Ltd which rose by Rs 398 to Rs 21,998 per share, followed by Hoechst Pakistan Ltd which rose by Rs 86.38 to Rs 2819.76 per share. Significant decline was noted in JDW Sugar Mills Ltd, which fell by Rs 36.15 to Rs 889.21 per share. It was followed by Mahmood Textile Mills Ltd, which closed down by Rs 25.66 at Rs 653.86 per share.
Brokerage Arif Habib Ltd said the PSX ended the week on a strong note, with the KSE-100 index recording a weekly gain of 1.8 percent during Friday’s strong session.
In a major boost to Pakistan’s tech sector, the country recorded its highest ever monthly IT exports of $348 million in December 2024, representing 15 percent year-on-year and 12 percent month-on-month growth. This performance pushed total IT exports to $1,864 million for the first half of FY25, up 28 percent from $1,456 million during the same period last year. IT exports contributed 44 percent to total services exports in December 2024, up from 41 percent in the same period last year. With the KSE-100 breaching the upper limit of its recent 112,000-115,500 range and possibly touching new highs, market sentiment is optimistic for the coming week. Investors are closely watching key developments on both the corporate and macroeconomic fronts.
World Call Telecom was the volume leader with 101.934 million shares, up one paise to close at Rs 1.87 per share. Hub Power Company followed with 36.888 million shares, up by Rs 5.7 to close at Rs 137.4 per share.
Other important stocks in the business include Haskol Petrol, Dewan Motors, Citi Pharma Ltd., Fuji Foods Ltd., Cnergyico PK, K-Electric Ltd., Pak Refinery and The Searle Company. In the futures market, 298 companies recorded turnover, of which 221 increased, 71 decreased and 6 remained unchanged.
