Karachi: At the start of the business week on the Pakistan Stock Exchange, investors preferred buying in selected sectors, which led to the KSE-100 index increasing by 268.58 points to close at 171,153.16 points.
The market saw several fluctuations during the trading session. The index initially advanced sharply and touched a high of 171,732.62 points. Later, profit-taking pressured the market, and the index fell to a low of 170,902.75 points.
However, buying resumed in the second half of the day. This action prevented the market from entering the negative zone and helped keep the KSE-100 above the 171,000-point mark at the close of trading.
Cement, fertiliser and energy-related companies gained special importance in today’s activity. Lucky Cement provided the biggest support to the index by 89.34 points. Attock Refinery, Fauji Fertiliser, Mari Energies and Engro Fertiliser were also prominent in the index’s improvement.
On the other hand, the weak performance of Pakistan Services Limited, Meezan Bank, Systems Limited, United Bank and OGDC limited the overall market rally.
Business activity was not limited to large companies. The overall market saw a turnover of Rs 20.10 billion, with 692.88 million shares traded. A total of 494 companies traded, of which 238 advanced while 213 declined.
The decline in global oil prices was also a key factor for the market. Relative easing in energy prices provided some relief to investors while keeping a close eye on the regional situation. These factors eased investors’ concerns about the risk level in the market.
The KMI-30 index, which comprises Islamic shares, also rose 626.42 points to 243,765.66 points, a gain of 0.26%.
However, despite the one-day rally, there is a cautious tone in the overall market picture. The KSE-100 is still down 5.07 percent in the current fiscal year and 1.67 percent in the calendar year. Therefore, the current increase definitely indicates a return of buying in the market, but the performance of the coming sessions will be important to determine the permanent direction.
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