KSE-100 index rises 0.09% after three losing sessions
The Pakistan Stock Exchange ended trading on Thursday with a slight gain, snapping a three-session losing streak. The benchmark KSE-100 index closed at 174,929.69 points, gaining 153 points, or 0.09%.
As Dawn reports, trading was volatile amid investor concerns over the conflict in the Middle East and political uncertainty. According to Topline Securities, early in the session the index rose to an intraday high of 175,796.25 points — 1,019 points above the previous close.
Fluctuations during trading
Profit-taking began in the second half of the session, after which the index fell to an intraday low of 174,893.68 points. This was 117 points above the previous closing level. Ultimately, the index ended trading with a small gain.
Dawn noted that the geopolitical conflict is affecting global energy markets. Rising international oil prices are worrying investors because of possible consequences for Pakistan’s external accounts, inflation and the country’s macroeconomic stability.
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Impact of companies and investor activity
Shares of Bank Al-Habib, United Bank, Pakistan Petroleum, Service Industries and Attock Refinery had the greatest negative impact on the index, jointly taking away about 196 points. At the same time, Engro Holdings, Lucky Cement and National Bank supported the index, adding approximately 167 points.
Ali Najib, deputy head of trading at Arif Habib Ltd, said market sentiment remained mixed amid an intensification of reciprocal military strikes by the United States and Iran. According to him, Iran attacked commercial vessels, while the United States struck facilities of the Islamic Revolutionary Guard Corps; oil prices continued to rise.
Total trading volume amounted to 627 million shares, while their value fell by 20.94% to 25.18 billion Pakistani rupees. Tasdeeq Information led trading volume with about 95 million shares.
A positive factor for the market was Pakistan’s raising of $3 billion through a two-tranche eurobond offering. According to the publication, this was the country’s largest international debt securities issuance in a single transaction.
