PSX closes positive as KSE-100 posts minor gains

KARACHI: The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) closed slightly up after breaching the 86,000-point mark in early trade on Wednesday, ARY News reported.

The KSE-100 index closed at 85,669.28, up 5.3 points or 0.01% from the previous day’s closing of 85,663.98 points.

The local bourse opened on a strong note and surged to a high of 86,451.43 points in midday trading before settling at 85,669.28 due to profit-taking.

An analyst at Topline Securities said that the session experienced significant volatility, peaking at 86,451 and dipping to 85,444, largely due to profit-taking and the KSE-100 Index’s inability to sustain levels above 86,000.

“The market was primarily supported by local institutions’ buying activity. Key contributors to the index included MCB, LCI, BAHL, HUBC, and HBL, which collectively added 292 points,” as per the analyst.

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However, negative movements from FFC, EFERT, and POL deducted 215 points from the index.

The PSX witnessed significant business activity with a staggering 592 million shares changing hands, totalling Rs31 billion.

K-Electric was the most actively traded stock with 55 million shares exchanged during the trading today.

As many as 448 companies traded their shares in the PSX, out of which, 208 recorded gains, and 172 sustained losses, while the share price of 68 companies remained unchanged.

The companies that reflected the highest gains included Lucky Core Industries Limited, having recorded an increase of Rs114.32 to close at Rs1,257.56, and Hallmark Company Limited which witnessed an increase of Rs102.50 to close at Rs1,348.03.

The companies that recorded the highest losses included Nestle Pakistan Limited which recorded a decline of Rs75.24 to close at Rs6,790 and Hoechst Pakistan Limited which shed Rs54.13 to close at Rs2,335.87 at the end of the trading session at the PSX.