KARACHI: The Pakist­­an Stock Exchange (PSX) snapped the two-session losing streak as bulls drove bears out on Thursday despite a highly volatile session.

The benchmark KSE-100 index hit an intraday high of 114,319.62 and a low of 113,234.31. Ultima­tely closing with a gain of 594.36 points or 0.52 per cent at 114,037.79 day-on-day.

Ahsan Mehanti of Arif Habib Corporation said stocks recovered in the earning season rally amid a drop in treasury bond yields by up to 41bps and expectations of a reduction in industrial power tariff after International Monetary Fund approval.

He noted that the $1.2bn current account surplus for July-December 2024-25, easing political risk, and speculations ahead of the SBP monetary policy decision next week supported the bullish sentiments at PSX.

Topline Securities Ltd said the market sentiment was buoyed by recent foreign corporate buying, and cement stocks remained in focus. Key contributors to the positive movement included Engro Corpora­tion, PSO, Fauji Cement, The Searle, and Maple Leaf Cement, adding 309 points to the index.

Ali Najib, Head of Sales at Insight Securities, said PSX experienced a mixed trading session but ended positively as value hunters stepped in after two continuous adverse closings.

Weekend session performance would be crucial in determining the market’s direction. “If the index closes the week above 116,300 points, it will signal a trend reversal, with bulls likely to take control in the coming week. Conversely, if the index closes below last week’s low of 113,083 points, further downside cannot be ruled out,” Mr Ali observed.

However, the trading volume decreased 9.15pc to 675.43 million shares while the traded value fell 13.54pc to Rs30.46bn day-on-day.

Stocks contributing significantly to the traded volume included Cnergy­ico PK (143.69m shares), WorldCall Telecom (78.19m shares), Fauji Cement (47.17m shares), Lotte Chemical (35.63m shares) and Citi Pharma Ltd (32.52m shares).

Published in Dawn, January 24th, 2025

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Not cricket
Updated 06 Apr, 2025

Not cricket

It is high time that the PCB sets things right; even if it demands a complete overhaul of the system.
Balochistan deadlock
Updated 06 Apr, 2025

Balochistan deadlock

Akhtar Mengal’s demands to release women activists should seriously be considered.
Escalating brutality
Updated 06 Apr, 2025

Escalating brutality

The world’s patience is running out. Israel must be held accountable under international law for war crimes.
Electricity relief
Updated 05 Apr, 2025

Electricity relief

If govt ensures that requisite power reforms are implemented, it will earn much praise for reforming a vital segment of the economy.
Trump’s trade wars
Updated 05 Apr, 2025

Trump’s trade wars

Shoddy math applied by US to indiscriminately penalise its trading partners signals the end of an era of global trade liberalisation.
Legalised land grab
Updated 05 Apr, 2025

Legalised land grab

The Modi government from its inception has been attacking India’s minorities, the largest such community in its crosshairs being the Muslims.