Buying continues at PSX, KSE-100 gains 574 points

A buying rally continued at the Pakistan Stock Exchange (PSX) on Tuesday, as its benchmark KSE-100 Index closed the day higher by 574 points.

The KSE-100 witnessed some selling in the first half of the session, hitting an intra-day low of 113,836.61.

However, the bulls regained momentum, taking the index to an intra-day high of 115,044.79.

At close, the benchmark index settled at 114,804.17, up by 574.11 points or 0.50%.

“BFBIO from the pharma sector maintained its upward momentum, hitting its upper circuit, while EngroH weighed down the index, contributing a loss of up to 145 points,” brokerage house Topline Securities said in its post-market report.

Major contributors to the positive movement included UBL, MARI, SYS, ATRL, and PSO, which together added 486 points, it added.

On Monday, the KSE-100 stated the week on a positive note, gaining nearly 1,000 points.

Faisal Spinning Mills Limited (FASM) became the latest entrant to join this trend, announcing the successful commissioning of a 4.8MW windmill project. The listed company shared the development in a notice to the PSX on Tuesday.

“The 4.80MW windmill project installed at Unit-I Nooriabad, Sindh, has been successfully commissioned and currently operating under trial run phase,” it said.

Mitchell’s Fruit Farms Limited (MFFL) announced that its majority shareholders had requested the company to grant CCL Holdings (Pvt) Limited, a subsidiary of CCL Pharmaceuticals, access to due diligence.

Shell Pakistan Limited (SHEL) officially changed its name to ‘Wafi Energy Pakistan Limited’, effective January 13, 2025. The development came following the issuance of a Certificate of Incorporation on Change of Name by the Securities and Exchange Commission of Pakistan (SECP).

Meanwhile, the Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Tuesday. At close, the currency settled at 278.72 after a loss of Re0.04 against the greenback.

Volume on the all-share index increased to 589.46 million from 521.21 million on Monday.

The value of shares rose to Rs32.58 billion from Rs28.29 billion in the previous session.

Cnergyico PK was the volume leader with 42.53 million shares, followed by Pak Refinery with 38.07 million shares, and K-Electric Ltd with 33.45 million shares.

Shares of 463 companies were traded on Tuesday, of which 269 registered an increase, 137 recorded a fall, while 57 remained unchanged.