KSE-100 gains 1,269 points to close at 165,736.76 on Wednesday
The KSE-100 Index rose 1,269.55 points, or 0.77 percent, on Wednesday to close at 165,736.76. It was the second or third straight session of gains, depending on the report.
For information only, not investment advice. Prices change quickly: check the time and source of every figure.
- KSE-100 closed at 165,736.76 on Wednesday, up 1,269.55 points or 0.77 percent
- The index had closed at 164,467.20 the previous session
- Banks, fertiliser, automobile and power stocks led buying
- Foreign investors sold shares worth Rs624 million, according to the National Clearing Company
The benchmark KSE-100 Index of the Pakistan Stock Exchange rose 1,269.55 points, or 0.77 percent, on Wednesday and closed at 165,736.76 points. The previous session closed at 164,467.20 points.
According to The Express Tribune, the index touched 164,830.55 within minutes of the opening bell, up 363.35 points. The intra-day high was 166,100.34 and the low was 164,355.83. Topline Securities said the high was 1,633 points above the low, with the downside limited to 111 points.
TechJuice reported that the market faced selling pressure early on but recovered in the afternoon. The Express Tribune said buying gathered pace late in the session, helped by gains in Asian equities on optimism about artificial intelligence demand and ahead of US company earnings.
Buying was led by commercial banks, fertiliser, automobile and power stocks. Fauji Fertiliser led the rally after announcing a dividend of Rs18.5 per share. National Bank posted better-than-expected results, which triggered buying in the banking sector, while Hub Power supported the index with a Rs5 per share payout.
About 183 million shares were traded, according to KASB KTrade, in the report by The Express Tribune. The paper also reported overall volume of 578 million shares, up from 402 million on Tuesday, with traded value of Rs26 billion. Shares of 496 companies were traded in the ready market: 269 closed higher, 180 fell and 47 were unchanged. Foreign investors sold shares worth Rs624 million, according to the National Clearing Company.
On Tuesday the index had risen 1,428.73 points, or 0.88 percent, to close at 164,467.20, according to TechJuice. JS Global said Wednesday was the third consecutive session of bullish activity, while TechJuice described it as the second consecutive gain. The State Bank of Pakistan recently raised the policy rate by 50 basis points to 12 percent, lower than expectations, according to The Express Tribune.
Oil remained a concern. TechJuice reported Brent crude futures rose $1.36, or 1.2 percent, to $115.24 per barrel and WTI rose $1.62, or 1.6 percent, to $101.52, after the Houthi movement claimed a missile strike on Saudi Arabia's largest oil refinery.
Ahmed Sheraz, equity trader at KASB KTrade, said: "However, Brent crude hovering around $115 per barrel remains a key concern, alongside geopolitical uncertainty involving Iran, Israel and the US". Nawaz Ali, JS Global analyst, said: "Looking ahead, any positive developments regarding the US-Iran situation that lead to a decline in crude oil prices could further improve investor confidence".
Why it matters
Pakistani investors, pension funds and savers are directly affected by stock market moves. The reports link the day's trading to company payouts, the State Bank's policy rate and oil prices.
