KARACHI: Pakistan Stock Exchange (PSX) staged a strong bullish session on Wednesday, as a sharp decline in international oil prices and easing geopolitical concerns following the US midterm elections triggered broad-based buying.
The benchmark KSE-100 Index advanced by 3,994.62 points, or 2.38 percent, to close at 172,013.48 points compared with 168,018.87 points in the previous session. The index moved within a range of 3,931.74 points during the day, reaching an intraday high of 172,287.00 points and a low of 168,355.26 points.
Business Recorder’s benchmark indices also reflected positive momentum. BRIndex100 closed at 18,935.24 points, gaining 515.93 points, or 2.80 percent, on a total volume of 633.021 million shares. BRIndex30 rose by 2,304.95 points, or 3.57 percent, to close at 66,856.31 points, with total volume standing at 434.932 million shares.
West Texas Intermediate (WTI) crude fell below USD95 per barrel from the previous session’s high of USD98, while Brent declined to USD102.50 per barrel from USD107.34. Investor sentiment also improved after US President Donald Trump indicated that he had no immediate plans to launch military strikes against Iran following the Democrats’ sweeping victory in the midterm elections.
According to Ali Najib, Deputy Head of Trading at Arif Habib Limited, the market witnessed another strong bullish session, with the benchmark firmly reclaiming the 172,000-point psychological level. He noted that UBL, FFC, HUBC, LUCK, NBP, HBL, MEBL, ENGROH, OGDC and AKBL were the major contributors to the rally, collectively adding approximately 2,066 points to the benchmark index.
Ready-market activity increased in both share volume and traded value. Total turnover stood at 841.615 million shares compared with 517.345 million shares in the previous session, an increase of 324.270 million shares, or 62.68 percent. The total traded value expanded to Rs. 35.392 billion from Rs. 20.704 billion, adding Rs. 14.688 billion, or 70.94 percent.
Total market capitalisation expanded by Rs. 381.631 billion to Rs. 18.777 trillion from Rs. 18.396 trillion previously. Market breadth was strongly positive, with 368 companies advancing, 103 declining and 28 remaining unchanged out of 499 active issues.
TPL Properties led ready-market turnover with 67.851 million shares. The stock closed at Rs. 12.67 against the previous close of Rs. 11.99. Bank of Punjab (B.O.Punjab) followed with 58.197 million shares. It settled at Rs. 30.90 compared with Rs. 28.09 previously. K-Electric Ltd. recorded a turnover of 57.364 million shares. The stock ended the day at Rs. 6.00 against the previous close of Rs. 5.63.
Among ready-market price gainers, Rafhan Maize Products Company Limited recorded the largest increase, rising by Rs. 107.73 to close at Rs. 8,557.74. Premium Textile Mills Limited followed, gaining Rs. 41.08 to settle at Rs. 640.30.
On the losing side, Unilever Pakistan Foods Limited recorded the largest decline, shedding Rs. 86.43 to finish at Rs. 25,801.57. Pakistan Services Limited followed, falling by Rs. 34.17 to close at Rs. 1,157.91.
Sectoral performance remained strongly positive. The BR Automobile Assembler Index closed at 21,958.14 points, up 398.84 points, or 1.85 percent, on turnover of 2.092 million shares. The BR Cement Index gained 428.45 points, or 3.69 percent, to settle at 12,046.10 points, with turnover of 55.990 million shares.
The BR Commercial Banks Index advanced by 1,686.29 points, or 2.89 percent, to close at 59,961.18 points, on turnover of 92.776 million shares. The BR Power Generation and Distribution Index increased by 825.31 points, or 3.30 percent, to 25,865.90 points, with turnover of 75.378 million shares.
The BR Oil and Gas Index rose by 246.42 points, or 1.67 percent, to close at 15,038.91 points, on turnover of 36.424 million shares. The BR Tech. & Comm. Index gained 52.35 points, or 1.76 percent, to settle at 3,020.22 points, with total turnover of 91.098 million shares.
Ali Najib said the market could sustain its bullish momentum amid easing geopolitical concerns and declining oil prices. However, he cautioned that profit-taking near higher levels could not be ruled out, with investors remaining focused on global developments.
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