KSE-100 extends rally, gains 363 points in early trade

The benchmark KSE-100 Index of the Pakistan Stock Exchange rose 363.35 points, or 0.22 per cent, to 164,830.55 in the opening minutes of trading on Wednesday, Business Recorder reported, extending a recovery that began in the previous session.

Buying was concentrated in automobile assemblers, cement, commercial banks, oil and gas exploration companies and power generation, the report said. Index-heavy stocks HUBCO, MARI, POL, HBL, MCB and MEBL traded higher.

The gain follows Tuesday's session, when the index closed at 164,467.20, up 1,428.73 points or 0.88 per cent from 163,038.47, according to Daily Times. Ready-market volume rose to 401.969 million shares from 376.019 million, traded value to Rs18.069 billion from Rs16.192 billion, and market capitalisation to Rs18.214 trillion from Rs18.061 trillion.

Of 497 companies traded, 282 gained, 170 fell and 45 were unchanged. K-Electric led the volume chart with 54.027 million shares, followed by Cnergyico PK with 30.699 million and WorldCall Telecom with 24.034 million. Ghandhara Industries was the biggest gainer, up Rs96.47 to Rs1,061.16, while Pakistan Tobacco Company added Rs73.63 to close at Rs1,473.58. Rafhan Maize Products fell Rs162.81 to Rs8,337.19 and Khairpur Sugar Mills lost Rs139.98 to Rs1,259.84.

In the futures market, 455.777 million shares worth Rs14.653 billion changed hands against 339.047 million shares worth Rs9.357 billion a session earlier; 247 of 313 companies advanced, 63 declined and 3 were unchanged, Daily Times reported.

Business Recorder attributed Tuesday's recovery to easing international crude oil prices and broad-based buying, and noted it came despite the State Bank of Pakistan's recent 50 basis point increase in its policy rate. The same report said Pakistan has approved revised thresholds for currency transaction reporting, folded a provision of the Pakistan Maritime Zones Act, 2023, into the Anti-Money Laundering Act and brought the Pakistan Virtual Assets Regulatory Authority within the law's regulatory framework, steps it described as tightening anti-money laundering and counter-terrorism financing rules.

Regional markets were also higher. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.85 per cent in early trade, Japan's Nikkei added 1.2 per cent and South Korea's KOSPI gained more than 3 per cent after chipmaker SK Hynix reported a more than sevenfold rise in quarterly operating profit. Investors were waiting on quarterly results from Alphabet and Microsoft and a Federal Reserve policy decision.