The Pakistan Stock Exchange (PSX) witnessed a remarkable rally on Friday, with the index rising 1.43% to touch 115,662.87 during intra-day trade at 12:45 p.m.
The KSE-100 index rose 1,625.08 points before the market was suspended for Friday prayers.
The market hit a high of 115,696.40 and a low of 114,383.16, showing strong positive movement during the day.
Trading volume was 144.6 million shares, indicating robust market activity and investor confidence.
The total value of the traded shares was approximately DKK 12.88 billion. The previous close was 114,037.79, reflecting the positive market sentiment and investor optimism.
Source: PSX
Earlier on Thursday, the Pakistan Stock Exchange (PSX) saw a modest recovery, driven by an earnings season rally. This positive movement was influenced by a fall in bond yields and expectations of a reduction in industrial power tariffs following IMF approval.
Analysts also pointed to a current account surplus of $1.2 billion for July-December 2024, easing political risks and speculation surrounding the State Bank of Pakistan’s upcoming monetary policy decision as catalysts for the increase.
The KSE-100 index touched an intraday high of 114,320 points before closing at 114,038, up 594 points (1.43%). Cement stocks and buying by foreign companies played a key role in this rise.
Analysts expect a rate cut of 100 basis points at the upcoming SBP policy meeting, which further fueled market optimism.
Top performers included Engro, PSO, Fauji Cement, The Searle Company and Maple Leaf Cement, which contributed significantly to the index’s gains.
However, UBL, Fauji Fertilizer Company and Meezan Bank were among the biggest laggards. Cement and pharmaceutical stocks were excellent performers during the day.
Despite the positive session, the KSE-100 fell 1.07% week-on-week. The focus now shifts to Monday’s monetary policy meeting, where an interest rate cut of 100bps to 12% is expected.
Overall, trading volume fell to 675.5 million shares, with Cnergyico PK, WorldCall Telecom and Fauji Cement leading the market. Foreign investors were net sellers and unloaded shares worth Rs 77.4 million.
