PSX: KSE-100 gains 120 points after volatile trading

The Pakistan Stock Exchange (PSX) observed a volatile trading session on Wednesday, with the benchmark KSE-100 index swinging both ways before closing slightly higher.

The benchmark index initially came under pressure, hitting an intraday low of 168,065.86, before recovering steadily to an intraday high of 169,271.98 during the afternoon session.

However, late-session profit-taking erased most of the gains, with the index recovering slightly towards the end.

At close, the benchmark index settled at 168,580.40, up 120.30 points or 0.07%.

“Trading remained cautious as international oil prices edged higher compared to the previous session, keeping investors watchful and limiting broader market momentum,” said Topline Securities in its post-market report.

UBL, SYS, PSO, PTC and KEL were the major gainers, cumulatively contributing 300 points to the index. On the other hand, MARI, MEBL, LUCK, HUBC and OGDC remained the major laggards, collectively eroding 187 points from the index, added the brokerage house.

In a key development, the Federal Board of Revenue (FBR) updated the International Monetary Fund (IMF) that there are 1,016 returns filed by retailers/shopkeepers under the Aasan Tax Scheme.

On Tuesday, easing concerns over global crude oil prices and active value hunting following the previous session’s sharp decline triggered a strong bullish recovery at the PSX. The benchmark KSE-100 Index closed at 168,460.11 points, gaining 2,592.79 points or 1.56%.

Globally, Asian markets were slightly weaker on Wednesday even though US stocks touched new highs, as oil prices rose with a storm heading for the Gulf of Mexico and tensions escalating between Saudi Arabia and Yemen’s Iran-backed Houthis.

In Asia, MSCI’s broadest index of Asia-Pacific shares excluding Japan was down 0.3% after US stocks ended higher. The index is up 1.5% so far this month.

The S&P 500 hit a fresh record on Tuesday, up about 0.6% on the day, while the tech-heavy Nasdaq gained 0.45%, also an all-time high. The Dow Jones Industrial Average rose 0.5%.

In Asian trading, US crude ticked up 1.05% to $90.38 a barrel; prices were little changed in the international session. Brent crude rose 1.06% to $101.65 per barrel.

The positive sentiment among traders of US equities followed a stabilisation in global bond yields overnight.

Meanwhile, the Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Wednesday. The local unit closed the day at 277.02, a gain of Re0.03 against the greenback.

Volume on the all-share index increased to 586.86 million from 432.01 million recorded in the previous close.

The value of shares rose to Rs22.37 billion from Rs20.14 billion in the previous session.

K-Electric Ltd. was the volume leader with 82.66 million shares, followed by Cnergyico PK with 68.76 million shares, and Pak Refinery with 44.14 million shares.

Shares of 501 companies were traded on Wednesday, of which 272 registered an increase, 184 recorded a fall, and 45 remained unchanged.