Karachi: The KMI-30 index, which consists of Shariah-compliant shares, gained momentum on Wednesday at the Pakistan Stock Exchange, capturing the attention of investors. At the end of the trading day, the KMI-30 index closed at 263,795 points with a significant increase of 3,094 points.
The bullish trend prevailed since the beginning of the market. The index opened at 261,426 points and reached a high of 264,264 points during the day, reflecting strong investment activity. The lows during the trading session also remained close to the opening levels, indicating stability in the market.
According to analysts, the major reason for buying in Shariah-compliant stocks is positive expectations in the banking, fertilizer and auto sectors. Big stocks like HUBCO, PPL and ENGROH played a key role in pushing the index up. Only HUBCO contributed more than 850 points positively, while the inclusion of PPL and ENGROH maintained the overall momentum.
According to the data, the total volume of the KMI-30 components exceeded 229 million shares, reflecting the growing interest of investors in the market. The index has increased by more than 42 percent since the beginning of the year (FYTD), while the increase since the beginning of the calendar year (CYTD) was more than 6 percent.
On the other hand, some stocks also put pressure on the index. PPL was also among the draggers, while EFERT, OGDC and MARI had a slight negative impact, but it did not have a significant impact on the overall rally.
According to experts, the recent rally in the KMI-30 is a sign that confidence in Sharia-compliant investment vehicles is growing. They say that this momentum can be maintained in the coming days if economic indicators remain stable, but investors need to adopt a cautious strategy.
