PSX rises for a third straight session on selective buying – Pakistan Today

The Pakistan Stock Exchange extended its upward trajectory for a third consecutive session on Thursday, with the benchmark KSE-100 index closing higher despite facing late profit-taking pressure.

KARACHI: The KSE-100 index settled at 184,520.96 points, gaining 470.86 points, or 0.26%, according to Topline Securities Ltd. The market opened on a firm note and reached an intraday peak of 185,890.52 points as investor sentiment remained positive across key sectors.

During the afternoon session, selling pressure emerged as investors took profits, pushing the index to an intraday low of 184,214.79 points. However, selective buying near the close helped the market recover and finish the session in positive territory.

Topline Securities identified heavyweight stocks including United Bank Ltd, Lucky Cement, Oil and Gas Development Company Ltd, Pakistan Petroleum Ltd, and TRG Pakistan as the primary drivers of Thursday’s rally, contributing approximately 469 points to the day’s gain.

Market Activity

Trading activity showed improvement, with volume rising 5.65% to 994.75 million shares, while total traded value declined 2.27% to Rs55.7 billion.

Economic Updates

Pakistan recorded a trade deficit of $4.5 billion in June, marking the highest monthly gap in four years. This increase was driven by a 26% year-on-year rise in imports to $6.8 billion, coupled with a 10% decline in exports to $2.2 billion.

Oil marketing companies reported sales of 1.26 million tonnes in June, representing a 20% decrease from the previous year but a 7% increase compared to the prior month. The year-on-year decline was attributed to relatively higher fuel prices, while the monthly gain reflected falling retail prices.

Additionally, the government successfully raised Rs438 billion through Pakistan Investment Bonds auctions, exceeding its target of Rs350 billion. The auction attracted Rs1,938 billion in bids, with cut-off yields reduced by 47 to 70 basis points across various maturities.

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