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KARACHI: After an extensive buying spree overnight, the Pakistan Stock Exchange (PSX) experienced selling pressure on Tuesday but eked out gains to remain in the green zone as strong financial results supported the index.
Ahsan Mehanti of Arif Habib Corporation said the market turned flat due to late session selling amid a bearish trend in global equities, weak rupee and falling international crude oil prices.
He noted that the anticipated easing of monetary policy, the government’s commitment to addressing US tariff issues, and the expected release of the IMF tranche next month contributed to a positive close at the PSX.
Topline Securities Ltd said the benchmark KSE 100 index posted a modest gain of 47.97 points or 0.04 per cent to close at 118,430.35 day-on-day.
Corporate results buoyed investor sentiment, although overall activity remained subdued due to cautious trends in international markets. The index’s performance was supported mainly by stocks such as Fauji Fertiliser Company, Engro Holdings, HabibMetro Bank, AGP Ltd, and Atlas Honda Ltd, which collectively contributed 733 points.
Ali Najib, Head of Sales at Insight Securities, stated that the Pakistan Stock Exchange (PSX) experienced a “Battle of Wills,” as bullish and bearish forces clashed to assert dominance. Ultimately, the bulls managed to secure a narrow victory over the bears.
Initially, the trading session opened positively following Finance Minister Muhammad Aurangzeb’s assurance to International Monetary Fund Managing Director Kristalina Georgieva regarding continuing the IMF-guided reform agenda on the first day of the IMF/World Bank Spring Meetings 2025.
Consequently, the benchmark index reached an intraday high of 119,217. However, profit-taking wiped out early gains, pushing the index towards an intraday low, which was recorded at 118,162 (down 222 points).
Market participation was strong as trading volume rose 10.17pc to 740.87 million shares, while the traded value decreased 16..21pc to Rs30.51 billion day-on-day.
Stocks contributing significantly to the traded volume included The Bank of Punjab (116.69m shares), Power Cement (67.92m shares), Pakistan International Bulk Terminal (58.81m shares), Pak Elektron (25.80m shares) and Sui Southern Gas Company (22.73m shares).
Published in Dawn, April 23rd, 2025
