The Pakistan Stock Exchange (PSX) ended on a positive note on Friday. The Sharia-compliant KMI-30 Index saw a significant increase of 1.11 percent at the close. This increase led to an improvement of 2,692.35 points in the index, after which the index level reached 244,986.87 points.
Business Day Review
This morning, the KMI-30 Index opened at 240,495.54 points. The excitement among investors was seen throughout the day, due to which the index reached its highest level (High) of 246,421.21 points at one time. Although some profit-taking was seen in the middle of the day, which pushed the index to a low of 238,521.14 points, buying pressure prevailed at the end of the day and the market managed to maintain a strong lead.
The Index Constituent Volume of KMI-30 shares in the market was 146.15 million. This figure indicates better activity compared to previous sessions, reflecting investor confidence in the market. Looking at the FYTD performance, it is very stable at 32.51%, while on a calendar year to date (CYTD) basis, a slight negative trend (-1.43%) continues.
Market ‘Pillars’ and ‘Draggers’
Among the major stocks that led the market to a bullish trend today, Meezan Bank Limited (MEBL) was the top gainer, adding 621.39 points to the index. This was followed by Oil and Gas Development Company (OGDC) adding 418.80 points and Pakistan Petroleum Limited (PPL) adding 249.69 points. System Limited (SYS) and Lucky Cement (LUCK) also contributed 200.67 and 193.54 points respectively to the bullish trend.
On the other hand, some companies also tried to drag the market down (Draggers). Engro Fertilizer Limited (EFERT) contributed -48.16 points to the index. GlaxoSmithKline Pakistan (GLAXO), Millat Tractors Limited (MTL) and Pakistan Refinery Limited (PRL) also made their way to the draggers with minor declines.
Analysts say that possible reasons for today’s rally could be positive expectations regarding the country’s economy or stability in international crude oil prices. However, investors are advised to be cautious about profit-taking at the high level of the index.
