KSE-100 soars despite negative cues

• Optimistic investor spirits drive the flow of funds to index-heavy sectors.
• KSE-100 index surge 591.27 points to settle at 44,928.83.
• Shares of 362 were traded during the session.

 KARACHI: The Pakistan Stock Exchange (PSX) bounced back on Thursday as the benchmark KSE-100 surged by nearly 600 points supported by late-session buying.

Anticipation of encouraging financial results allowed investors to cherry-pick stocks that had dropped to attractive valuations following multiple rounds of hammering in the past month owing to rising political uncertainty in the country.

Optimistic investor spirits drove the flow of funds to index-heavy sectors and all heavyweights closed with modest gains.

Read more: Pakistani rupee breaks all previous records against US dollar

The market players also ignored concerns raised by Moody's regarding a negative rating due to the no-confidence motion submitted against Prime Minister Imran Khan.

Meanwhile, during the month of March, the benchmark KSE-100 index rose 1.1% as positivity returned to the bourse despite deafening political noise and the commencement of a military war between Russia and Ukraine.

At the close, the KSE-100 index surged 591.27 points, or 1.33%, to settle at 44,928.83 points.

Arif Habib Limited in its post-market commentary noted that the market witnessed positive momentum along with improved trading volumes today.

“The benchmark KSE-100 index stayed in the green zone,” it stated, adding that investors seemed to be optimistic on the ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks.

Meanwhile, on the flip side activity remained healthy in third-tier stocks.

Read more: Karachiites to endure Rs3.3 tariff hike in April bills

Sectors contributing to the performance included technology (+118.2 points), fertiliser (+87.1 points), banks (+67.7 points) and cement (+41 points).

Shares of 362 were traded during the session. At the close of trading, 273 scrips closed in the green, 75 in the red, and 14 remained unchanged.

Overall trading volumes rose to 344.13 million shares compared with Wednesday’s tally of 268.91 million. The value of shares traded during the day was Rs7.8 billion.

K-Electric was the volume leader with 56.07 million shares traded, gaining Rs0.03 to close at Rs3.14. It was followed by Treet Corporation with 34.44 million shares traded, gaining Rs2.20 to close at Rs33.93, and Telecard Limited with 27.29 million shares traded, gaining Re1 to close at Rs14.17.