KARACHI: A host of positive triggers helped the Pakistan Stock Exchange (PSX) snap its four-session losing streak on Tuesday, propelling the benchmark KSE 100 index above the 113,000 barrier.
Ahsan Mehanti of Arif Habib Corporation stated that the World Bank’s support for privatising state-owned enterprises and a pledge of over $40 billion in investment and acknowledgement of the government’s commitment to reform progress sparked the bull run at the PSX.
He said the equities market turned bullish as investors speculated over the positive outcome of the upcoming IMF review talks after the WB approved the 10-year Country Partnership Framework.
He added that surging global crude oil prices, robust data on textile exports surging by 15.86pc year-on-year in January, upbeat earnings in fertiliser, cement and banking sectors and expectations for further SBP policy easing amid thin inflation supported the bullish close.
Topline Securities Ltd said the index reached a high of 113,253 points, dipped to an intraday low of 111,642 points, and closed at 113,088 points, gaining 1,345 points or 1.20pc day-on-day.
The increase was primarily driven by Lucky Cement, Engro Corporation, OGDC, Engro Fertiliser, and Pakistan Petroleum, contributing 608 points to the overall gain.
Ali Najib, Head of Sales at Insight Securities, noted that institutional buying led by power and fertiliser sectors’ stocks in anticipation of better corporate announcements provided the impetus to convert the lacklustre sentiments into positive momentum.
In addition, the continuous decline in international coal prices brought cement stocks onto investors’ radar as the sector received some fresh flows.
The trading volume rose 6.61pc to 545 million shares while the traded value increased 5.63pc to Rs20.74bn day-on-day.
Stocks contributing significantly to the traded volume included The Bank of Punjab (200.84m shares), Power Cement (25.77m shares), WorldCall Telecom (21.84m shares), Pakistan Telecom (19.75m shares) and TPL Properties (16.29m shares).
The shares registering the most significant increases in their share prices in absolute terms were Rafhan Maize (Rs140.28), Lucky Cement (Rs55.35), Nestle Pakistan (Rs49.70), Ismail Industries (Rs44.43) and Hoechst Pakistan (Rs31.02).
Published in Dawn, February 19th, 2025
