PSX closes flat amid profit-taking; KSE-100 settles at 169,451.86
ECONOMIC DEVELOPMENTS KEEP INVESTOR SENTIMENT POSITIVE
Economic developments around Pakistan’s mining sector contributed to market optimism. The US Export-Import Bank recently approved $1.25 billion in financing for the Reko Diq project, which is expected to boost the mining of critical minerals in the region
PSMU Desk
KARACHI: The Pakistan Stock Exchange (PSX) closed flat yesterday, following a strong rally in the previous session that saw the benchmark KSE-100 Index hit a record high. Despite early optimism and a strong upward momentum in the morning, profit-taking by investors in the latter part of the session tempered gains, leaving the index almost unchanged at the close.
The KSE-100 Index opened around the 169,000 level and quickly gained momentum, reaching an intra-day high of 170,697.74 points. However, after hitting this peak, the index slipped back slightly due to some profit-taking, ending at 169,451.86, down by just 4.52 points.
Several key stocks, including MLCF, LUCK, ISL, FCCL, and PIOC, supported the market’s early rise, collectively contributing 498 points to the index. However, declines in FFC, SRVI, and PPL partially offset the positive momentum, with these stocks pulling back 380 points.
Despite the muted close, the market’s performance reflects strong investor sentiment, following Tuesday’s bullish rally, where the index surged 1,153.14 points (0.69%) to end at 169,456.39. Investors were seen building positions across major sectors, and the market activity remained robust.
Adding to the positive sentiment, economic developments around Pakistan’s mining sector contributed to market optimism. The US Export-Import Bank recently approved $1.25 billion in financing for the Reko Diq project, which is expected to boost the mining of critical minerals in the region.
Internationally, however, markets showed mixed reactions as investors awaited decisions from the US Federal Reserve. While expectations are high for a rate cut by the Fed, global markets remained cautious, especially in the face of skyrocketing valuations in the artificial intelligence sector.
On the currency front, the Pakistani rupee saw a marginal improvement against the US dollar, gaining 0.01% in the inter-bank market. At the close of trading, the rupee stood at Rs280.37, up by Re0.03 against the greenback.
Trading volumes surged to 1.19 billion shares, compared to 1.03 billion shares in the previous session. However, the value of shares traded slightly declined to Rs50.49 billion from Rs51.32 billion on Tuesday.
Hum Network was the volume leader with 132.04 million shares, followed by Bank Makramah with 103.48 million shares, and TPL Properties with 52.37 million shares. Out of the 478 companies traded on Wednesday, 251 saw gains, 188 recorded declines, and 39 remained unchanged.
