Bulls Return Strong as KSE-100 Index Posts 4th Highest Single-Day Gain
The Pakistan Stock Exchange witnessed a powerful rally on Friday as the benchmark KSE-100 index rose 4,899 points, or 3.13%, to close at 161,632, marking the fourth-highest single-day gain in its history. The rally helped the index regain the 160,000 level after days of sustained selling pressure.
The rally was driven by optimism following the ceasefire agreement between Pakistan and Afghanistan, negotiated in Istanbul with mediation by Turkey and Qatar, said Ali Najib, deputy head of trade at Arif Habib Ltd. “The development revived investor confidence, easing geopolitical concerns that had weighed heavily on sentiment all week.”
Major stocks banking, fertilizers, technology and cement led the rally. The main gainers were UBL, MEBL, FFC, BAHL, HBL, SYS, LUCK, BAFL, NBP and MCB, which together contributed 3,083 points to the index’s advance.
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Market participation remained strong, with trading volumes reaching 951.3 million shares and total traded value of Rs 42.2 billion. WorldCall Telecom (WTL) once again topped the volume chart, with 98.9 million shares changing hands.
On a weekly basis, however, the benchmark index closed in negative territory, losing 1,672 points, or 1.02%. The index opened the week at 163,309 points, reached a high of 163,571 and fell to a low of 156,328 before ending at 161,632.
Analysts said the KSE-100 has now entered a consolidation zone between 160,000 and 170,000 points, with strong support emerging around the 160,000 level. Market sentiment has improved following the recovery and the index is expected to test the 165,000 mark in the coming sessions if the momentum continues.
