KSE-100 index climbs 769 points to 166,186 as PSX tests key resistance
The Pakistan Stock Exchange extended its recovery on Thursday as the benchmark KSE-100 index gained nearly 769 points to close at 166,186, moving within striking distance of the 167,000-168,000 resistance zone that brokerages say will decide the market’s next move.
KSE-100 index gains on selective buying in heavyweights
At the close of trading, the KSE-100 index settled at 166,186.17, up 768.66 points or 0.46 per cent. The index traded between 165,613 and 166,877 during the session and kept its positive momentum through the day on renewed buying in index-heavy stocks.
Market breadth stayed positive. In the ready market, shares of 501 companies changed hands. Of these, 292 closed higher, 169 fell and 40 remained unchanged.
Arif Habib Limited noted that 71 shares advanced against 29 decliners in its daily chart, with PTCL (up 7.62 per cent), Fauji Fertiliser Company and Systems Limited contributing the most to the gain. Engro Holdings, Mari Energies and Service Industries were the main drags.
Topline Securities said PTCL, FFC, Hub Power, OGDC and Systems added about 340 points to the index between them. The rally followed a recent correction, with investors accumulating selected heavyweights rather than buying across the board.
Volumes stay modest as foreigners sell
Trading activity remained modest. Total volumes stood at 517.6 million shares, down from 585.9 million in the previous session, while the value of shares traded was Rs23.57 billion.
Cnergyico led the volumes chart with 62.8 million shares traded, gaining Rs0.09 to close at Rs12.80. Pakistan Refinery followed with 43.4 million shares, rising Rs4.57 to Rs103.76, while WorldCall Telecom traded 19.5 million shares to close at Rs0.98.
Foreign investors were net sellers of Rs194.4 million worth of shares, according to National Clearing Company data. KTrade noted that commercial banks, technology, fertiliser and cement stocks supported the index, with sentiment improving as international oil prices eased. Brent crude traded around $104-105 a barrel during the day.
What comes next for the KSE-100 index
Brokerages say attention is now shifting to the results season, with September-quarter result notices beginning to appear. That could give the market fresh direction, though analysts warn that high international oil prices remain a key risk.
Geopolitical developments also weigh on sentiment. Strains around Houthi attacks on Saudi infrastructure and wider regional tensions featured in market commentary, alongside domestic macroeconomic indicators and institutional fund flows. For context on the market’s broader recovery arc, see our earlier report on Shehbaz Sharif’s export-led growth push and the PSX.
The index still stands 0.54 per cent lower on a weekly basis heading into the final session of the week, so Friday’s trading will show whether bulls can push through the resistance band or consolidate below it. Investors tracking Pakistan’s forex reserves near $27 billion will note that external buffers and oil price moves now matter as much to the market as company earnings.
FAQ
What is the KSE-100 index resistance zone?
Analysts place the first major resistance for the KSE-100 index at 167,000-168,000 points. A sustained close above this band would confirm the rally’s strength; failure to break it could trigger profit-taking.
Why did the KSE-100 index rise on Thursday?
Selective buying in heavyweights such as PTCL, Fauji Fertiliser, Systems Limited, Hub Power and OGDC lifted the index after a recent correction, with positive market breadth supporting the move.
What risks face the PSX rally?
Brokerages cite high international oil prices, geopolitical tensions in the Middle East, domestic macroeconomic indicators and institutional fund flows as the main risks to the recovery.
