PSX gains over 700 points on strong corporate results

Bulls made a strong return to the trading floor at the Pakistan Stock Exchange during the second half of trading on Thursday, after the index heavyweights announced positive financial results. 

According to the PSX website, the market remained flat for most of the session but the benchmark KSE-100 Index rose by over 700 points later due to positive financial results from key market players.

The KSE-100 Index closed the session at the 77,874.22 mark, with an increase of 759.73 points or 0.99% from the previous close of 77,114.49 points. 

Key sectors, including cement, commercial banks, oil and gas exploration, and OMCs, saw increased buying. Index-heavy stocks such as OGDCL, MARI, MEBL, PPL, HBL, and NBP traded positively.

The surge was mainly triggered by Mari Petroleum’s announcement of 800% bonus shares and dividends, which boosted investor confidence and share prices across the board.

Mari Petroleum posted a profit-after-tax (PAT) of Rs77.28 billion in 2024, up 38% from Rs56.13 billion the previous year.

Meezan Bank, Pakistan’s largest Islamic bank, reported consolidated earnings of Rs26.89 billion for the second quarter ending June 30, 2024, a nearly 55% increase from Rs17.39 billion in the same period last year.