KARACHI: Momentum remained strong in Tuesday’s trading session as the Pakistan Stock Exchange (PSX) continued its upward trajectory.
The benchmark KSE-100 index surged by 1,001 points during intraday trading before closing at 156,563 — up 476 points, or 0.31 per cent, according to Topline Securities.
Ismail Iqbal Securities said the index ended on a positive note, recording a new all-time high both intraday and at close, though trading remained volatile throughout the session.
“The main reason behind the market surge has been ample liquidity chasing blue-chip equities offering attractive dividend yields,” a senior analyst told HUM News English.
Mutual funds, investment banks and high-net-worth individuals were net buyers.
“Another factor driving the market was the government’s $500 million agreement with a US mining company, which not only boosts foreign direct investment but could also pave the way for other firms to enter the country’s mining sector,” the analyst added.
Fertiliser, commercial banks, and oil and gas exploration companies were the key contributors, collectively adding 711 points to the index. Leading the momentum were ENGROH, FFC, MEBL, MARI and EFERT, which together added 886 points.
Trading activity remained robust, with volumes hitting 1.07 billion shares and the total traded value reaching Rs55.1 billion. K-Electric (KEL) emerged as the volume leader with 169 million shares changing hands.
On the other hand, gold prices in Pakistan climbed further on Tuesday, extending their record-breaking run in line with international gains.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold rose by Rs4,100 to reach Rs388,100 per tola. The 10-gramme rate also touched a new peak of Rs332,733, up by Rs3,514 during the day.
The price of 22-karat gold followed the upward trend, standing at Rs305,016 per 10-gram. Silver too saw gains, with 24-karat silver being sold at Rs4,358 per tola after a Rs20 increase, while the 10-gram price rose by Rs17 to Rs3,736.