Bulls make strong comeback as KSE-100 index posts 4th highest single-day gain
The Pakistan Stock Exchange saw a powerful rebound on Friday as the benchmark KSE-100 index jumped 4,899 points, or 3.13 percent, to close at 161,632, marking the fourth highest daily gain in its history. The rally helped the index regain the 160,000 level after days of sustained selling pressure.
The recovery was fueled by optimism following the ceasefire agreement between Pakistan and Afghanistan, negotiated in Istanbul under the mediation of Turkey and Qatar, said Ali Najib, deputy director of commerce at Arif Habib Ltd. “This development has revived investor confidence, easing geopolitical concerns that had weighed heavily on sentiment throughout the week.”
Heavyweight stocks from the banking, fertilizer, technology and cement sectors led the rally. The top gainers were UBL, MEBL, FFC, BAHL, HBL, SYS, LUCK, BAFL, NBP and MCB, who collectively contributed 3,083 points to the index’s advance.
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Market participation remained robust, with trading volumes reaching 951.3 million shares and the total value traded standing at Rs42.2 billion. WorldCall Telecom (WTL) once again leads the volume leaderboard, with 98.9 million shares changing hands.
However, on a weekly basis, the benchmark index closed in negative territory, losing 1,672 points, or 1.02%. The index opened the week at 163,309 points, reached a high of 163,571 and fell to a low of 156,328 before ending at 161,632.
Analysts said the KSE-100 has now entered a consolidation zone between 160,000 and 170,000 points, with strong support emerging around the 160,000 level. Market sentiment has improved following the rally, and the index is expected to test the 165,000 mark in the coming sessions if the momentum continues.
