KSE-100 Index rises 1.51% to 174,650.86 points as strong investor buying faces profit-taking across major sectors.
KARACHI: The Pakistan Stock Exchange (PSX) maintained its bullish momentum on Thursday as strong investor buying pushed the benchmark KSE-100 Index higher, although profit-taking limited some of the gains during morning trading.
The market opened with robust buying activity, lifting the benchmark index by more than 5,400 points during the initial phase of the session. However, investors subsequently began booking profits, pulling the index back from its intraday highs.
At 10:25 am, the KSE-100 Index was trading at 174,650.86 points, recording an increase of 2,637.38 points, or 1.51 per cent.
Market activity remained broadly positive, with 360 companies recording gains, while 90 declined and 117 remained unchanged among the 567 companies traded at that time.
Buying interest was particularly visible in automobile assemblers, cement manufacturers, commercial banks, oil and gas exploration companies, and oil marketing companies.
Major index-heavy stocks, including Mari Petroleum (MARI), Oil and Gas Development Company (OGDC), Pakistan State Oil (PSO), Sui Southern Gas Company (SSGC), Hub Power Company (HUBCO), Habib Bank (HBL), MCB Bank, Meezan Bank and National Bank of Pakistan, traded in positive territory.
The latest rally followed another strong session on Wednesday, when the benchmark index gained 3,994.62 points, equivalent to 2.38 per cent, to close at 172,013.48 points.
The previous session’s gains were supported by declining international oil prices and easing geopolitical concerns following the US midterm elections.
Investor optimism also reflected expectations that the Republican Party’s electoral losses could reduce the risk of further escalation in the conflict involving the United States and Iran.
Despite the positive market direction, profit-taking remains a factor influencing trading activity as investors seek to secure gains following the recent rally.
The continuation of buying interest across major sectors will remain important for the market’s direction in subsequent trading sessions.
