KARACHI: Positive sentiment returned to the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index snapping the previous session’s decline and closing slightly higher. The index moved both ways during the session, touching an intra-day high of 166,837.10 and a low of 165,886.26 before settling at 166,283.55 — up 138.20 points or 0.08%.
Brokerage Topline Securities said the recovery was supported by renewed buying interest and improved intraday sentiment. Confidence strengthened after the prime minister announced that the bidding process for Pakistan International Airlines (PIA) privatisation would be broadcast live on December 23, prompting strong activity in PIAHCLA, which remained actively traded.
Lalpir Power Limited (LPL) also saw heavy volumes of over 108 million shares, driven by the company’s ongoing share buyback programme launched on November 28.
Topline noted that several heavyweights — including SRVI, PIOC, PTC, ENGROH and PPL — contributed around 298 points to the benchmark. The broader mood improved after Wednesday’s steep decline, when institutional selling and valuation concerns pushed the index down nearly 1,500 points.
In global markets, the US dollar slipped to a five-week low while Asian equities opened mixed following weaker US economic data that reinforced expectations of a Federal Reserve rate cut next week. Japan’s Nikkei 225 rose 0.8%, while MSCI’s Asia-Pacific index outside Japan fell 0.1%. S&P 500 futures were little changed.
Wall Street closed higher overnight after US private payrolls posted their steepest drop in more than two-and-a-half years.
In currency markets, the Pakistani rupee recorded a marginal gain, closing at 280.45 against the US dollar, up Re0.01 in the inter-bank market.
Total traded volume on the all-share index increased to 607.79 million shares from 593.08 million in the previous session, while the value of shares traded declined to Rs31.22 billion from Rs44.42 billion. Lalpir Power led the volume chart with 108.92 million shares, followed by PIA Holding Company at 37.83 million and PTCL at 34.47 million. Of the 477 companies traded, 203 advanced, 223 declined and 51 remained unchanged.
