Investors were wary of the ongoing political and security developments and only slightly built their positions. The benchmark index moved between the intra-day high of 159,516 and low of 157,204.
Although the market managed to regain some lost ground after Tuesday’s plunge by over 3,600 points, the overall confidence remained fragile. Trading was largely driven by selective buying, with participants hesitant to take aggressive positions until further stability emerges on political and security fronts.
KTrade Securities, in its market wrap, remarked that PSX saw a mixed session following the previous day’s sharp sell-off as the KSE-100 index edged higher by 313 points, or 0.20%. The fertiliser sector took centre stage, where Fauji Fertiliser stood out and single-handedly drove most of the day’s gains while the broader market remained subdued.
Market participation stayed lacklustre. Looking ahead, investor sentiment is likely to remain sensitive to the law and order situation, political clarity surrounding the 27th Constitutional Amendment and the anticipated release of International Monetary Fund (IMF) tranche. Besides, broader regional geopolitical currents would also play a role in shaping near-term market direction, KTrade anticipated. Arif Habib Limited (AHL) observed that intra-day gains failed to hold with supply still heavy and not allowing the KSE-100 index to regain the 160k level.
Some 44 shares rose while 54 fell with Fauji Fertiliser (+3.6%), Pakistan Services (+6.8%) and Pakistan Petroleum (+1.61%) contributing the most to index gains. On the flip side, Lucky Cement (-1.46%), Habib Bank (-1.29%) and System Limited (-1.54%) were the biggest index drags, it said.
In major news, Pakistan plans to raise funds through dollar bonds next year, after a hiatus of nearly five years, marking a turning point for the country that came close to default two years ago.
The weak recovery kept the KSE-100 exposed to heightened downside risks while standing below 161k and declines through 157k could trigger a fresh move towards south, AHL said, adding that regional news flow would again take centre stage in the coming weeks. According to Topline Securities, the stock market opened on a positive note. However, the optimism was short-lived as the index came under pressure before turning positive again.
The local bourse witnessed a day of mixed fortunes as the KSE-100 swung between the intra-day high of 159,516 and low of 157,204, finally closing at 158,184, up 313 points (0.20%). Despite the modest gain, trading lacked decisive triggers, leaving investors cautious throughout the session, it said. Index-heavy stocks including Fauji Fertiliser, Pakistan Services, Pakistan Petroleum, United Bank and Kohinoor Textile Mills were among the major gainers, contributing 777 points, Topline added.
Overall trading volumes decreased to 757.2 million shares compared with Tuesday’s tally of 836.4 million. The value of traded shares stood at Rs33.4 billion. Around 50% of the traded equity value was in Shariah-compliant stocks, PSX announced on X.
Shares of 480 companies were traded. Of these, 188 stocks closed higher, 235 fell and 57 remained unchanged. First National Equities topped the volume chart with trading in 89.4 million shares, losing Rs1.95 to close at Rs20.66. It was followed by PIA Holding Co with 56.3 million shares, falling Rs2.35 to close at Rs29.75 and WorldCall Telecom with 48.7 million shares, edging down Rs0.04 to close at Rs1.66. Foreign investors sold shares worth a net Rs573.5 million.