KSE-100 Index Gains 500 Points to 177,874
The Pakistan Stock Exchange closed higher on Friday as the benchmark KSE-100 index gained 500.11 points to settle at 177,873.88, clawing back part of the previous session’s sharp fall.
The index stayed positive for most of the session. It touched an intraday low of 176,865.05 points, climbed to a high of 179,284.34, then gave back part of the gain in late trading before closing 0.28 per cent higher than Thursday’s close of 177,373.76.
KSE-100 index gains 500 points on Mari discovery
Buying picked up in the second half of the session after Mari Petroleum announced a new porphyry copper-gold discovery at its East Siah Diq target in Chagai, Balochistan, through its wholly owned arm Mari Minerals. Brokerage house Topline Securities said the news gave sentiment a clear lift and helped turn the market positive.
Mari Petroleum, Lucky Cement, Pakistan Petroleum, PSEL and Fatima Fertilizer were the leading positive contributors, together adding about 722 points to the index, Topline said.
Thursday’s fall, and the week
Thursday had been a bruising session. The index fell 1,710.04 points, or 0.95 per cent, to close at 177,373.76 after briefly crossing the 180,000 mark and touching an intraday high of 180,310. Profit-taking after the recent rally drove the slide.
Over the week, the index still gained 2.3 per cent. Topline linked the weekly rise to lower international crude oil prices and hopes of easing geopolitical tensions after the United States midterm election results. Heading into Friday, the index stood 2.01 per cent higher for the week, with support seen at 174,000 to 175,000 and an upside objective near 182,500.
Breadth, volume and the rupee
Trading stayed broad. Of the 497 companies traded on Friday, 284 closed higher, 184 fell and 29 were unchanged. Volume on the all-share index was 1,042.81 million shares, down from 1,070.48 million a day earlier, while the value of shares traded fell to Rs31.00 billion from Rs31.64 billion. WorldCall Telecom was the volume leader with 303.19 million shares, followed by Kohinoor Spinning with 59.50 million shares and LSE Financial Services with 46.79 million shares. The index had stood at 178,657.76 at 2:50pm, up 1,284 points, before late-session selling trimmed the gain. On Thursday, breadth had been negative, with only 16 stocks advancing while 83 declined. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.26 per cent on Friday, reversing some of its 1.3 per cent fall the day before, while Nasdaq and S&P 500 futures each rose more than 0.2 per cent.
The rupee closed at 276.60 against the dollar in the inter-bank market, a gain of Re0.01.
Asian markets were steadier on Friday after a turbulent week. South Korea’s Kospi rose 2.35 per cent and Japan’s Nikkei added 1.4 per cent, while Nvidia shares fell 3 per cent in extended trading after the resignation of its chief executive.
Mari Energies announced a copper-gold discovery in Chagai. The KSE-100 jumped 5,449 points in an earlier rally. The market posted its strongest weekly rally in six months. Pakistan and Turkiye confirmed a $5 billion trade target. Gold has fallen by Rs15,800 a tola in two days.
Frequently asked questions
How much did the KSE-100 gain on Friday?
The index gained 500.11 points, or 0.28 per cent, to close at 177,873.88, against Thursday’s close of 177,373.76.
What drove the gain?
Mari Petroleum’s copper-gold discovery at East Siah Diq in Chagai lifted sentiment in the second half of the session, with buying in energy and fertiliser stocks. Mari Petroleum, Lucky Cement, Pakistan Petroleum, PSEL and Fatima Fertilizer added about 722 points between them.
What happened on Thursday?
The index fell 1,710.04 points, or 0.95 per cent, to 177,373.76 after briefly crossing 180,000. Profit-taking after the recent rally drove the fall.
How did the market do over the week?
The KSE-100 gained 2.3 per cent over the week, helped by lower crude oil prices and hopes of easing geopolitical tensions.
How many shares changed hands?
Volume was 1,042.81 million shares, worth Rs31.00 billion. Of 497 companies traded, 284 rose, 184 fell and 29 were unchanged.
