KSE-100 ignores political noise, ends 591 points higher

The KSE-100 resumed its winning ways as another bullish day was witnessed at the Pakistan Stock Exchange (PSX) with falling oil prices helping the benchmark gain 591 points on Thursday.

The index opened on a positive note and remained in the green zone throughout the day, as bullish sentiment prevailed, pushing the index close to the 45,000-point level.

At close on Thursday, the KSE-100 ended with a gain of 591.27 points, or 1.33%, to finish at 44,928.83.

“Investors seem to be optimistic on ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks,” said Arif Habib Limited in its post-market note. “On the flip side, activity remained healthy in 3rd tier stocks,” it added.

On a monthly basis, the benchmark index closed up by 468 points or 1.1% MoM, said AHL in a note.

Low volumes prevailed throughout the month, as average daily number during March settled at 206 million shares, a MoM decline of 9%, and the lowest average volume since June 2020. The average daily traded value also decreased by 16% to $35 million.

On the economic front, Moody’s termed the no-confidence motion against Prime Minister Imran Khan as credit negative because it "raises significant uncertainty over policy continuity, as well as the government's ability to continue to implement reforms to increase productivity growth and secure external financing, including from the International Monetary Fund (IMF)."

On the corporate front, Highnoon Laboratories in a notification announced that it is in the process of installing grid-tied solar system to provide clean and efficient energy that helps the environment, whilst reducing energy cost and reliance on the grid.

KSE-100 endures seesaw ride to end 101 points lower

Sectors painting the benchmark index green included technology and communication (122.90 points), fertiliser (93.42 points) and banking (62.39 points).

Volume on the all-share index increased significantly to 415.63 million from 344.14 million on Wednesday. The value of shares traded also improved to Rs9.68 billion from Rs7.78 billion recorded in the previous session.

K-Electric Limited was the volume leader with 56.07 million shares, followed by Treet Corporation with 34.45 million shares, and TeleCard Limited with 27.29 million shares.

Shares of 362 companies were traded on Thursday, of which 273 registered an increase, 75 recorded a fall, and 14 remained unchanged.