Pakistan Stock Exchange KSE-100 Index Rally Calls Off Amid Pre-Budget Volatility

PHOTO: REUTERS

KARACHI:
Pakistan Stock Exchange (PSX) closed with a cautious uptick Thursday, as strategic purchases in banking and energy equities propelled the KSE-100 index 276 points to settle at 169,703.60, narrowly skirting below its 170,000 psychological benchmark. The marginal 0.16% gain reflected muted momentum ahead of the federal budget announcement, with broader market sentiment clouded by macroeconomic uncertainties.

Trading activity on the KSE All-Share Index maintained a robust trajectory, supported by a combined traded volume of 771.9 million shares. The index’s total capitalization edged to Rs18,876.7 billion ($67.8 billion), underscoring moderate institutional engagement despite volatile market dynamics.

Mezan Bank (+1.01%), Mari Energies (+1.10%), and Engro Holdings (+0.69%) spearheaded the session’s gains, collectively injecting 315 points into the index’s upward movement. Conversely, weakness in industrial and agro-based stocks weighed on performance, with Pakistan Petroleum (-0.62%) and Hubco (-0.46%) among notable laggards.

Maple Leaf Cement dominated trading value with $11 million in shares exchanged, while Sitara Petroleum Service stood out for volume, recording 53.7 million trades. Market analysts noted that UBL and Pakistan Oilfields also contributed significantly to the index’s rally, reinforcing confidence in sector-specific tailwinds.

First National Equities emerged as the session’s most traded share, with 118.36 million shares changing hands, followed by Sitara Petroleum (53.7 million) and Maple Leaf Cement (35.48 million).

Foreign investors offloaded Rs2 billion worth of KSE-linked instruments, per National Clearing Company records. Trading encompassed 487 listed companies, with 190 advancing, 250 declining, and 47 stagnating.

Topline Research highlighted the KSE-100’s resilience amid geopolitical turbulence, though year-to-date losses of 2.45-2.50% hint at underlying caution. Analysts attributed the session’s gains to tactical portfolio adjustments ahead of fiscal policy developments.

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