PSX rebounds as KSE-100 adds 499 points

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) rebounded on Thursday, gaining around 500 points at the closing of the market, ARY News reported.

KSE-100 added 499.05 points, or 0.54 percent, to settle at 92,520.49 points, as compared to the previous day’s closing of 92,021.44 points at the PSX.

A total of 678.78 million shares were traded during the day, as against the turnover of 889.16 million shares the previous trading day.

The value of shares remained at Rs24.82 billion, as compared with Rs30.47 billion on the last trading day at the Pakistan Stock Exchange.

Analysts at Topline Securities said that the KSE-100 index opened on a positive note and touched an intraday high of 673 points.

They attributed the positive sentiments to the recent Ijara Sukuk auction where the cut-off yield on 1-year Sukuk fell to 10.99 percent, signalling a potential yield decline across all tenors in the upcoming T-bills and PIBs auction.

“Following the Prime Minister’s recent visit to Saudi Arabia, a delegation led by the Power Minister has been dispatched, with anticipated announcements of new Saudi investments, including Reko Diq as a likely flagship project. This development sparked investor interest in OGDC and PPL,” as per the analysts.

As many as 449 companies transacted their shares in the stock market, out of which, 257 recorded gains and 145 sustained losses, while the share price of 47 companies remained unchanged.

The three top trading companies at the PSX included Bank of Punjab with 62.92 million shares at Rs6.57 per share, followed by Kohinoor Spinning with 46.52 million shares at Rs7.83 per share while K-Electric Limited remained the third with 34.71 million shares at Rs4.8 per share.

Unilever Pakistan Foods Limited witnessed a gain of Rs86.32 per share price, closing at Rs8,986.99, followed by Hoechst Pakistan Limited with Rs48.07 rise in its per share price to Rs2,401.07.

Rafhan Maize Products Company Limited recorded a decline of Rs101.45 per share closing at Rs7,305.21 followed by Bhanero Textile Mills Limited with Rs50.09 decline to close at Rs782.05.