KSE-100 Index gains 800 points amid bullish momentum

Bullish momentum was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 800 points during trading on Friday.

The KSE-100 swayed in both directions during the day, hitting an intra-day high of 167,923.45 and intra-day low of 166,369.73.

At close, the benchmark index settled at 167,085.58, up by 802.03 points or 0.48%.

“This positivity can be attributed to buying by local institutions, where they came in to buy the dip,” brokerage house Topline Securities said in its post-market report.

Top positive contribution to the index came from FFC PA, PPL PA, OGDC PA, PSEL PA, LUCK PA and SYS PA, as they cumulatively contributed 607 points to the index, it added.

Moreover, the positive sentiment came as the Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, extended the term for the deposit of $3 billion maturing on December 8, 2025, for another year.

“The extension of the term of the deposit… will help in strengthening the foreign exchange reserves of Pakistan and contribute to the country’s economic growth and development,” the SBP said in a statement.

President Asif Ali Zardari on Thursday approved Prime Minister Shehbaz Sharif’s summary appointing Chief of Army Staff Field Marshal Syed Asim Munir as the country’s first Chief of Defence Forces (CDF) for a five-year term, the Presidency said in a statement.

On Thursday, the PSX staged a steady recovery as renewed buying interest supported key indices, helping the market regain ground after a heavy spell of institutional selling a day earlier. The benchmark KSE-100 Index closed slightly higher at 166,283.55 points, gaining 138.20 points or 0.08%.

On a weekly basis, the KSE-100 Index gained 0.48%.

Globally, Japan’s Nikkei skidded on Friday, wiping out this week’s gains amid an otherwise subdued Asian session, after weaker-than-expected spending data underscored the scourge of inflation as bets grew that the Bank of Japan would hike interest rates.

The Nikkei 225 fell 1.5% and was on track to end the week mostly flat. MSCI’s broadest index of Asia-Pacific shares outside Japan was off 0.1% but was still set for a gain of 0.5% for the week.

Data showed household spending in Japan unexpectedly fell the fastest in nearly two years in October, as inflation ate into people’s spending power. The yield on 10-year Japanese government bonds hit 1.94% early in Asia, its highest since mid-2007.

Meanwhile, the Pakistani rupee recorded a marginal gain against the US dollar, appreciating 0.01% in the inter-bank market on Friday. At close, the local currency settled at 280.42, a gain of Re0.03 against the greenback.

Volume on the all-share index increased to 686.83 million from 607.79 million recorded in the previous close. The value of shares rose to Rs41.62 billion from Rs31.22 billion in the previous session.

Telecard Limited was the volume leader with 58.07 million shares, followed by F. Nat.Equities with 44.58 million shares, and First Dawood Prop with 39.94 million shares.

Shares of 477 companies were traded on Friday, of which 254 registered an increase, 179 recorded a fall, and 44 remained unchanged.