PSX continues bullish run, KSE-100 closes above 92,000

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) continued its positive momentum, closing in a green zone on Tuesday, ARY News reported.

The KSE-100 added 366.32 points, or 0.4 percent to close at 92,304.32 points, as against the previous closing of 91,938.01 points.

The ready market volumes stood at 752.66 million shares, compared with a turnover of 589.546 million during the previous trading day at the PSX.

The price of shares stood at Rs32.82 billion, as against Rs29.95 billion on the last trading day.

Analysts at Topline Securities attributed the positive sentiments at the Pakistan Stock Exchange to the policy rate cut by the State Bank of Pakistan (SBP) in its previous meeting.

“The KSE-100 index continued its upward momentum, reaching an intraday high of 576 points before closing at 92,304, up by 366 points or 0.40 percent. This positive trend is largely attributed to the State Bank of Pakistan’s recent Monetary Policy Committee (MPC) decision, marking a fourth consecutive rate cut with a 250 bps reduction, bringing the policy rate to 15 percent,” they said.

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“Key contributors to this surge included LUCK, HUBC, OGDC, SYS, and MTL, which collectively added 274points and on the flipside UBL, HBL, BAHL, CHCC and MEBL were the major laggards which cumulative subtracted 143points from the index,” as per the analysts.

Power Cement remained the top traded company at the PSX with 66.26 million shares at Rs7.79 per share, followed by Sui South Gas with 51.96 million shares at Rs16.68 per share.

Fauji Foods Limited remained the third with 32.39 million shares at Rs10.57 per share.

Indus Motor Company Limited witnessed a maximum increase of Rs73.60 per share price, closing at Rs2,062.88, followed by Sazgar Engineering Works Limited with Rs49.05 rise in its per share price to Rs1,081.39.

Unilever Pakistan Foods Limited witnessed a decline of Rs554.53 per share closing at Rs18,667.33 while Rafhan Maize Products Company Limited recorded a Rs63.26 decline to close at Rs7,442.09.