KARACHI: Stocks closed flat with gains of 73 points on positive CPI inflation data. The benchmark Pakistan Stock Exchange (PSX) KSE-100 index rose 73.02 points or 0.09 percent to 78,356.32 points against 78,283.30 points recorded in the last session. The highest index of the day remained at 78,644.96 points, while the lowest level was recorded at 78,250.90 points.
Analyst Ahsan Mehanti of Arif Habib Corp said: “Stocks closed higher on positive CPI inflation data at 9.6 percent for August 24 and news of the government’s plan to strategically sell blue chip SOEs to foreign investors.
He said leveraged stocks outperformed investors’ hopes of a SBP key rate cut and the resolution of external funding gaps played a catalyst role in the bullish close this month. The KSE-30 index rose 7.67 points or 0.03 percent to 24,818.86 points from 24,811.20 points.
Shares traded fell by 21 million shares to 436.672 million shares from 457.280 million shares. Trading value fell to Rs 12.26 billion from Rs 15.87 billion. Market capitalization rose to Rs 10.43 trillion against Rs 10.42 trillion. Of the 443 companies active in the session, 203 closed in the green, 167 in the red and 73 remained unchanged.
Naveed Nadeem, an analyst at Topline Securities, said the stock market rose 73 points, or 0.09 percent, to close the day at 78,356. The index saw significant swings during the session, peaking at 78,645 and falling to 78,251.
This upward movement was driven by substantial gains in key stocks such as MTL, MARI, UBL, OGDC and HMB, which together contributed to a 96-point gain. The top gainer was Nestle Pakistan Limited, which rose by Rs 139.17 to Rs 7,000 per share, followed by Mari Petroleum Company Limited, which rose by Rs 66.56 to Rs 3,510.73 per share. Significant declines were seen in Unilever Pakistan Foods Limited, which fell by Rs 163.50 to Rs 17,435.50 per share; It was followed by Khyber Textile Mills Limited, which closed lower by Rs 67.38 to Rs 606.46 per share.
Brokerage Arif Habib Ltd said that despite the stagnant close, Tuesday’s session signals a potential new stage higher for the KSE-100.MTL (+5.1 percent), MARI (+1.93 percent) and OGDC (+0.68 percent) . the biggest pro-inflationary contributors, while MEBL (-0.94 percent), MCB (-0.99 percent) and BAHL (-1.15 percent) were the biggest drags on the index.
Key contributors were the onset of momentum in some stocks moving away from lower limits and renewed demand for cement stocks. This sets the stage for the market to potentially break the 79,000 barrier and head towards 80,000 this week, with a rotation out of banks and into cement stocks.
With the beginning of September, the KSE-100 enters its seasonal strongest period, which usually lasts until the end of January. Kohinoor Spinning remained the volume leader with 83.941 million shares to close 47 paise higher at Rs 11.13 per share. Symmetry Group Ltd followed with 37.132 million shares to close higher by Re1 at Rs 9.99 per share.
Other notable turnover stocks included Agha Steel Ind, Yousuf Weaving, Flying Cement, Hascol Petrol, Synthetic Prod, Nishat ChunPow, Secure Logistics Gro and Dewan Motors. 322 companies recorded trading on the futures market, of which 167 increased, 142 decreased and 13 remained unchanged.
