KSE-100 closes with marginal gain ahead of COAS appointment

The Pakistan Stock Exchange (PSX) on Thursday endured a lacklustre session and the KSE-100 Index inched up marginally, by 0.05%, as investors awaited the approval of Lt General Asim Munir as new Chief of Army Staff from President Dr Arif Alvi.

Repeated developments on the matter kept the market trading in a narrow range throughout the day. By the end of the session, the KSE-100 Index was up 23.34 points or 0.05% at 42,903.65.

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Following the closure of the market, Alvi approved Munir’s appointment as next COAS of Pakistan.

Trading began on a positive note and buying pressure lifted the market upward. Profit taking emerged in a final hour that levelled the index.

Index-heavy automobile, cement and fertiliser sectors closed with gains while chemical space saw massive losses. On the other hand, banking and oil segments ended the day on a mixed note.

A report from Arif Habib Limited stated that another range-bound session was witnessed at the PSX.

“The market opened in the green zone but due to the ongoing political uncertainty, investors chose to book profits at higher levels,” it said. “Given president’s final approval for the COAS appointment remained pending, investor confidence remained lacklustre.”

This resulted in lower market participation.

Volumes on the mainboard remained sluggish, with third-tier stocks continuing to lead in terms of volume.

A report from Capital Stake added that investors of PSX witnessed another dull session on Thursday.

Indices swung in both directions, while volumes appreciated from last close.

“Market activity remained rangebound as latest news regarding selection of Chief of Army Staff failed to cheer investors,” it said.

On the economic front, rupee fell Rs0.11 or 0.05% against the dollar to close at Rs223.92.

Sectors lifting the benchmark KSE-100 index higher included fertiliser (19.57 points), tobacco (17.33 points) and cement (14.74 points).

Volume on the all-share index inched up to 153.1 million from 138.6 million on Wednesday. The value of shares traded rose to Rs5.9 billion from Rs5.1 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 25.6 million shares, followed by Hascol with 9.14 million shares and TRG Pakistan with 9.1 million shares

Shares of 345 companies were traded on Thursday, of which 184 registered an increase, 128 recorded a fall, and 33 remained unchanged.