KEY POINTS
- KSE-100 Index jumps 1,645.90 points (1.00%) to 165,493.58
- Intraday range between 164,208.33 and 166,556.29
- 488 scrips active: 176 gainers, 288 losers, 24 unchanged
ISLAMABAD: Bulls extended charge on the Pakistan Stock Exchange (PSX) on Tuesday, propelling the benchmark index beyond the 165,000 barrier to another record close, as investors rode momentum from improving liquidity conditions and optimism over external financing.
According to official data released by the exchange, the KSE-100 Index surged 1,645.90 points, or 1.00 per cent, to finish at 165,493.58.
The index oscillated between an intraday high of 166,556.29 and a low of 164,208.33. The broader All-Share Index added fresh ground, while the KSE-30 also settled higher.
The PSX daily market summary indicated that 629.99 million shares traded in the regular market, with an additional large turnover through futures contracts. Market breadth remained weak, however, with 488 active scrips — 176 advancing, 288 declining, and 24 remaining unchanged.
Among the most active companies were K-Electric Ltd., WorldCall Telecom, Cnergyico PK Ltd., Bank of Punjab, and Arif Habib Corporation.
Analysts told Business Recorder that heavy volumes in second- and third-tier scrips continued to drive market participation, while institutional buying in index-heavy stocks supported the upward push.
Market observers also pointed toward external cues. They informed Dawn that investors were encouraged by easing pressure on the rupee, expectations of positive signals from the ongoing IMF review, and reports of progress on circular debt reforms.
“Sentiment remains bullish despite weak breadth because the liquidity tide is chasing index majors,” one dealer was quoted as saying.
Regional and global linkages
Asian equities were mixed on Tuesday as investors awaited key U.S. economic data and direction on Federal Reserve policy, while oil prices inched higher on supply-concerns.
Analysts told Reuters that global risk appetite, coupled with strong emerging market flows, provided a favourable backdrop for Pakistani equities.
Outlook
Traders said the short-term outlook remains constructive, with foreign flows, IMF review and other developments likely to dictate the terms for future direction.
However, they cautioned that overbought technical conditions and weaker market breadth could trigger profit-taking in the coming sessions.
