Stocks extend gains over improved investor confidence


Listen to article

Pakistan Stock Exchange, after registering the second-highest gain a day ago, extended its positive momentum on Wednesday as investors remained upbeat.

The excitement from Tuesday’s historic surge, when the KSE-100 index jumped over 6,000 points, was carried forward into the new session over investor confidence, fuelled by easing of geopolitical tensions and supportive economic signals.

In the opening hours, the index rose 900 points before entering into a range-bound session as traders locked in profits and reassessed market direction. A ceasefire between Israel and Iran helped soothe regional risk concerns, giving investors room to refocus on fundamentals.

On the economic front, the approval of $194 million in financing from the World Bank and $350 million from the Asian Development Bank (ADB) propped up Pakistan’s external position and the broader economic outlook.

Key sectors including commercial banks, automobile, fertiliser, and oil and gas exploration, marketing, and refining were active contributors to the KSE-100 index. The index touched the intra-day high of 123,257 points and low of 122,169 points, before settling at 122,762, up 515 points, or 0.42%.

Arif Habib Limited Deputy Head of Trading Ali Najib observed that stocks witnessed a range-bound day post Tuesday’s historic second-highest day-on-day gains.

Read More: PSX soars as Middle East tensions ease

The KSE-100 index mostly remained positive and extended its bullish drive, fuelled by improving investor confidence amid easing geopolitical tensions and strengthening domestic indicators.

According to Najib, investor sentiment was further boosted by a sharp recovery in consumer confidence. The Consumer Confidence Index (CCI), jointly compiled by Dun & Bradstreet and Gallup Pakistan, recorded a 9.2% quarter-on-quarter and 24.6% year-on-year rise, reaching 96.2 points, reflecting improved household outlook and optimism over economic recovery.

In addition, he said, the Middle East ceasefire led to a significant drop in oil prices, easing inflationary pressure. Brent crude declined 5.2% to $67.75 per barrel, while the US West Texas Intermediate fell 5.4% to $65.01 per barrel, which provided relief to oil-importing economies like Pakistan.

Also Read: Consumer confidence at highest since 2022

Overall trading volumes decreased to 749.8 million shares compared with Tuesday’s tally of 804.8 million. The value of shares traded was Rs28 billion. Shares of 472 companies were traded. Of these, 274 stocks closed higher, 161 fell, and 37 remained unchanged.

WorldCall Telecom was the volume leader with trading in 102.4 million shares, gaining Rs0.03 to close at Rs1.49. It was followed by Pakistan Refinery with 47.1 million shares, rising Rs2.39 to close at Rs35.27, and Cnergyico PK with 39.6 million shares, gaining Rs0.09 to close at Rs7.25.





Source link

  • Related Posts

    UK envoy eyes Pakistani investors

    ISLAMABAD: The United Kingdom’s trade envoy to Pakistan, Mohammad Yasin, on Wednesday urged Islamabad to cement its relative economic stability and instil investor confidence, while also inviting Pakistani businesses to…

    High tax termed blow to goods transport sector

    LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) and the Pakistan Goods Transporters Association have jointly urged the federal government to withdraw the increase in withholding tax on logistic…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Federal cabinet meets today

    Federal cabinet meets today

    UK envoy eyes Pakistani investors

    UK envoy eyes Pakistani investors

    Special prosecutor named in £190m appeal

    Special prosecutor named in £190m appeal

    High tax termed blow to goods transport sector

    High tax termed blow to goods transport sector

    Ex-AJK PM joins PPP

    Ex-AJK PM joins PPP

    Pakistan offers US mining ventures

    Pakistan offers US mining ventures