KARACHI: The Pakistan Stock Exchange (PSX) closed flat on Monday, entering a consolidation phase as it hovered near record highs, with investors adopting a cautious approach ahead of the upcoming budget announcement.
The benchmark KSE-100 Index reached an intraday high of 120,285.55 points before closing at 119,689.63 on Monday, marking a modest gain of 40 points or 0.03 percent. Overall, trading volume declined, with approximately 425 million shares changing hands, compared to 527 million shares traded on the last session of the previous week.
On Monday, BRIndex 100 opened at 12,827.18 points and finally closed at 12,785.75 points which was 41.43 points or 0.32 percent lower than the previous close. Total volume at BRIndex100 remained 337.509 million shares. Meanwhile, BRInedx30 also lost 49 points or 0.13 percent to settle at 37,782.89 points with a total volume of 60.601 million shares.
Analysts at the Topline said that local bourse witnessed a consolidation phase in Monday’s trading session as the market hovered close to its all-time high levels. The steady upward bias was supported by investor optimism following the release of a detailed IMF report, which offered a clearer picture of the country’s macroeconomic trajectory and policy direction, they added. Adding to the positive sentiment, fresh developments on resolving the circular debt issue once again made headlines, drawing investor interest to key energy and gas sector players including PPL, OGDC, PSO, SNGPL, and SSGC.
The share trading value decreased to Rs.22.27 billion on Monday as compared to Rs29.026 billion on last Friday. Moreover, with aRs 2 billion increase, the market capitalization surged to Rs.14.391 trillion as compared to Rs.14.389 billion in the last session. Out of the total 465 companies, share value of 222 companies went up, while 199 companies’ share value moved down though 44 companies’ share value remained unchanged.
Key contributors to the index’s performance included ENGROH, PPL, and PSO that collectively contributed 246 points to the index. On the flipside, MARI, UBL, and LUCK collectively erased 224 points from the KSE-100 index benchmark.
Fauji Foods Ltd topped the list with a turnover of 60.60 million shares, closing at Rs 16.28. Cres-Star Insurance ranked second with turnovers of 20.056 million and closed at Rs 3.15. In addition, some 18.28 million shares of At-Tahur Ltd were traded with closing price of Rs 46.13.
Moreover, PIA Holding Company LimitedB along with Rafhan Maize Products Company Limited remain the top gainers increasing by Rs 1,245.77 and Rs 926.69 respectively to close at Rs 13,703.44 and Rs 10,193.54, while Bhanero Textile Mills Limited and Hoechst Pakistan Limited were the top losers declining by Rs 59.74 and Rs 50.96 respectively to close at Rs700.26 and Rs 3,198.04.
BR Automobile Assembler Index Closed at 22,162.05 points with a net negative change of 21.47 points or 0.1 percent with a total turnover of 3.746 million. BR Cement Index ended at 10,045.52 points with a net negative change of 146.52 points or 1.44 percent, on a turnover of 21.94 million shares.
Meanwhile, BR Commercial Banks Index closed at 34,841.76 points down by 73.3 points or 0.21 percent with a total turnover of 14.67 million shares. On the other hand, BR Power Generation and Distribution Index ended at 19,788.10 points with a net positive change of 67.38 points or 0.34 percent and total turnover remain 13.486 million shares.
BR Oil & Gas Index closed at 11,755.58 points with a net negative change of 11.86 points or 0.1 percent on 30.33 million shares turnover. Meanwhile, BR Technology & Communication Index finished at 4,940.04 points marking a negative change of 48.16 points or 0.97 percent, with total turnover of 29.25 million shares traded.
Analysts view that the market is consolidating ahead of the budget as participants evaluate the IMF review report, with the federal budget expected on 2nd June. The IMF’s recognition of Pakistan’s achievement in meeting all quantitative performance criteria and most indicative targets is also viewed positively by the investors.
However, shareholders remain cautious about the IMF’s push for a higher revenue target for the upcoming fiscal year, they added. On Macro level, a strong external position, supported by a current account surplus and easing inflation, is expected to revive economic activity and create room for further monetary easing, enhancing the appeal of equities relative to fixed-income instruments.
Copyright Business Recorder, 2025