The Pakistani stock market witnessed bullish trends for the second consecutive day, largely influenced by the resumption of trade through the Torkham border with Afghanistan. This border had been closed since January 13. The reopening propelled the KSE-100 index above the significant 64,000-point level on Tuesday.
Market Fluctuations and Key Performers
Topline Securities Ltd reported notable volatility in the market. The KSE 100-share index experienced an intraday low and high, reflecting dynamic trading. The Oil and Gas Development Company Ltd and Pakistan Petroleum Ltd initially faced a downturn. This was in response to the Finance Ministry’s rejection of the circular debt reduction plan, aligning with commitments to the International Monetary Fund. However, the market sentiment shifted in the second half of the session, with increased buying activity as investors took advantage of lower stock prices. Ahsan Mehanti from Arif Habib Corporation noted that a stronger rupee and foreign corporate inflows were key to the market’s positive trajectory.
The KSE-100 index eventually closed at 64,454.22 points, marking a gain of 514.81 points or 0.81 per cent from the previous session. Trading volume and value also significantly increased, with notable contributions from several leading companies.
However, not all stocks saw gains. Companies like Sapphire Fibres Ltd, Philip Morris (Pakistan) Ltd, and others recorded significant decreases in their share prices. In contrast, foreign investors were net sellers, offloading shares worth $2.81 million.
