PSX rises more than 2,400 points in midday trade as rally continues

KARACHI: The Pakistan Stock Exchange (PSX) remained in positive territory on Friday, with the benchmark KSE-100 Index climbing by more than 2,400 points in midday trading as buying interest stayed strong across key sectors.

During the session, the index rose to about 172,365 points, up roughly 2,453 points, or 1.42%, from the previous close of 169,911.95. It touched an intra-day high of 173,444.89 and a low of 170,758.25, indicating continued investor activity through the trading day.

Market participation also stayed firm. Total volume on the main board crossed 330 million shares, while traded value moved beyond Rs29.6 billion. Out of 565 traded shares, 360 advanced, 93 declined and 112 remained unchanged, reflecting broad gains in the market.

Buying was seen across a range of sectors, particularly banking, fertilisers, energy and selected textile stocks. Investor sentiment was supported by easing geopolitical concerns in the Middle East and expectations of continued foreign inflows.

Sentiment also drew support from the listing of the Government of Pakistan Hybrid Sukuk (GHS). Through its first issuance earlier this week, the government raised around Rs109 billion to Rs116 billion. The listing was viewed as an important step toward expanding Shariah-compliant financing avenues and strengthening the domestic debt capital market.

Corporate disclosures, including board meetings and scheme approvals involving companies such as PIL and FCIBL, also contributed to the flow of market information, with no major negative trigger reported during the session.

Previous session also ended higher

On Thursday, the PSX had extended its upward move, with the KSE-100 Index jumping sharply in early trade before some gains were pared by the close. Soon after the opening bell, the index had surged 2,306 points, or 1.27%, to an intra-day high of 170,899.

The market later touched a low of 168,941 amid some volatility and intra-day consolidation linked to profit-taking. By the close, the benchmark index settled at 169,911.95, posting a gain of 1,392.01 points, or 0.83%.

The trading pattern pointed to sustained bullish momentum, although the retreat from session highs suggested that some investors chose to book profits. Even so, the broader tone remained positive, supported by improving macroeconomic signals and liquidity in the market.

Arif Habib Limited (AHL), in its report, said the market had continued its upward move, with the KSE-100 Index once again entering the 170,000 range during intra-day trade. According to the brokerage, 66 shares rose while 32 fell, with UBL (+2.87%), OGDC (+3.48%) and Hub Power (+2.2%) contributing the most to index gains. On the other hand, Bank AL Habib (-1.95%), Meezan Bank (-0.68%) and Bank Alfalah (-1.56%) weighed the most on the index.

In economic developments, the government was planning to transfer control of the national airline to a consortium led by Arif Habib Group by the end of April.

"Heading into the last session of the week, the KSE-100 was up 1.6% week-on-week with support at 165k," AHL said.