Bulls make a powerful comeback as the KSE-100 index posts 4th highest one-day gain
The Pakistan Stock Exchange saw a strong rally on Friday as the benchmark KSE-100 index rose 4,899 points, or 3.13%, to close at 161,632, marking the fourth-highest one-day gain in its history. The rally helped the index regain the 160,000 level after days of sustained selling pressure.
The rally was fueled by optimism following the Pakistan-Afghanistan ceasefire deal brokered in Istanbul under the mediation of Turkey and Qatar, said Ali Najib, deputy head of trading at Arif Habib Ltd. “The development revived investor confidence and eased geopolitical concerns that had weighed on sentiment during the week.”
Banking, fertilizer, technology and cement heavyweights led the way. Major gainers included UBL, MEBL, FFC, BAHL, HBL, SYS, LUCK, BAFL, NBP and MCB, which together contributed 3,083 points to the index’s advance.
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Market participation remained robust, with trading volume reaching 951.3 million shares and total traded value of Rs 42.2 billion. WorldCall Telecom (WTL) again topped the volume chart with 98.9 million shares changing hands.
On a weekly basis, however, the benchmark closed in negative territory, falling 1,672 points or 1.02%. The index opened the week at 163,309 points, hit a high of 163,571 and dipped to a low of 156,328 before ending at 161,632.
Analysts said the KSE-100 has now entered a consolidation zone between 160,000 and 170,000 points, with strong support around the 160,000 level. Market sentiment has improved after the recovery and the index is expected to test the 165,000 mark in the coming sessions if the momentum continues.
