RECORDER REPORT

KARACHI: The Pakistan Stock Exchange (PSX) closed higher on Wednesday after a volatile session, as optimism over government measures to address the crippling circular debt initially lifted the market before profit-taking trimmed gains. The benchmark KSE 100 index settled at 158,236.68 points gaining 291.65 points or 0.18 percent as compared to 157,945.03 points on Tuesday. During the session, index spiked to 159,046.60 points and but later also touched low to 158,133.31 points due to profit-taking that tempered the momentum and lastly settled below 159,000.

On Wednesday, the BRIndex100 settled at 16,353.57 points, showing an increase of 57.26 points, or 0.35 percent, over the previous close. The index recorded a total trading volume of 1,515.96 million shares. Meanwhile, the BRIndex30 ended at 53,421.22 points, up 775.07 points, or 1.47 percent, with a total turnover of 1,208.30 million shares.

According to Topline Securities, the local bourse rally was fueled by reports that Pakistan is set to ink a landmark Rs1.275 trillion financing facility agreement with 18 commercial banks to tackle the country’s crippling circular debt in the power sector.

On the sectoral front, Pakistan Petroleum (PPL), Hub Power (HUBC), United Bank (UBL), and K-Electric (KEL) collectively contributed 538 points to the index. On the flip side, Fauji Fertilizer Company (FFC), Systems Ltd (SYS), Engro Fertilizers (EFERT), and Meezan Bank (MEBL) shaved off 256 points, reflecting selective profit-taking in key stocks.

Overall trading remained buoyant, with 1.78 billion shares traded in the ready market, up from 1.52 billion a day earlier, though traded value eased to Rs54.52 billion from Rs58.72 billion. Market capitalization rose to Rs18.694 trillion as compared to 18.632 trillion on Tuesday, thus adding Rs62 billion, showing renewed investor appetite.

Adding to the buzz, K-Electric (K-E) stole the spotlight, recording its highest-ever trading volume in a single session. More than 659 million shares changed hands, closing at Rs7.12. Other heavy-volume leaders included Cnergyico PK with 96.38m shares closed at Rs8.61 and Pakistan International Bulk Terminal that ended at Rs14.40 with 68.30m shares changing hands.

On the gainers’ list, PIA Holding Company Ltd surged Rs2,317.73 to Rs29,599.00, while Supernet Technologies climbed Rs130.08 to Rs1,430.85. Major losers included Unilever Pakistan Foods, down Rs507.25 to Rs32,623.75, and Khyber Textile Mills, lower by Rs139.19 to Rs2,109.81.

Out of 484 companies traded in the ready market, 194 advanced, 252 declined, and 38 remained unchanged.

The BR Automobile Assembler Index ended the session at 25,217.63 points, down 60.19 points or 0.24 percent, with a turnover of 2.89 million shares.

The BR Cement Index closed higher at 13,563.61 points, gaining 62.05 points or 0.46 percent, on a volume of 52.45 million shares.

The BR Commercial Banks Index finished at 44,982.37 points, up 77.85 points or 0.17 percent, with 65.68 million shares traded.

The BR Power Generation and Distribution Index posted a strong advance, rising 730.38 points or 2.7 percent to close at 27,795.59 points, on an impressive turnover of 674.38 million shares.

The BR Oil and Gas Index settled at 14,179.84 points, showing a gain of 121.6 points or 0.86 percent, with a total volume of 86.76 million shares.

Meanwhile, the BR Technology and Communication Index declined to 3,626.67 points, losing 41.22 points or 1.12 percent, as 115.10 million shares changed hands.

According to Mubashir Anis Naviwala of JS Global, the benchmark managed to close in positive territory, adding 291 points by the end of the session. Naviwala said that investors will remain selective in their approach, highlighting potential opportunities in the cement, banking, and exploration and production (E&P) sectors.