KSE-100 closes at six-year high as bull-run continues

Bulls continued to dominate at the Pakistan Stock Exchange (PSX), as its benchmark KSE-100 Index hit a six-year high on Thursday.

At close, the benchmark index settled at 48,771.71 after an increase of 297.17 points or 0.61%.

It was the highest closing level for the KSE-100 after six years. Back on June 9, 2017, the index had finished at 49,527 points.

The stock market has stayed on its bullish course, brokerage house Topline Securities said, adding that the market had a favourable momentum from banking, fertiliser, and power sectors where EFERT, FFC, HUBC, ENGRO, and UBL collectively contributed 224 points.

In contrast, TRG, MEBL, and COLG together incurred a loss of 86 points, it added.

On Wednesday, the KSE-100 had extended gains for the eighth straight session, adding 334 points during the day amid talks of a significant hike in gas tariff.

According to Topline Securities, adverse media reports regarding TRG, which it labelled as a “malicious media campaign” containing “misleading and false” information, had an adverse impact on TRG’s stock, resulting in a decline in the KSE-100 index.

On Thursday, the share price of TRG closed at Rs.83.21, down by Rs6.06 or 6.79%.

On the other hand, Pak Suzuki Motor Company (PSMC) in a notice said it would review and consider the majority shareholder’s intent to purchase all outstanding shares of the company and delist from the PSX.

The announcement resulted in a surge in PSMC’s share price that closed at Rs143.44 up by Rs7.44 or 5.47%.

Meanwhile, the Pakistani rupee continued its merry run against the US dollar as it gained another 0.33% in the inter-bank market on Thursday. As per the State Bank of Pakistan, the local unit settled at 278.58 after an increase of Re0.93 in the inter-bank market.

This was the rupee’s 26th consecutive appreciation against the greenback.

Volumes on the all-share index decreased to 342.28 million from 396.45 million on Wednesday.

The value of shares was recorded at Rs11.73 billion from Rs10.53 billion in the previous session.

K-Electric Ltd. remained the volume leader with 113 million shares, followed by WorldCall Telecom with 17.1 million shares and Nishat ChunPow with 12.1 million shares.

Shares of 322 companies were traded on Thursday, of which 146 registered an increase, 160 recorded a fall, and 16 remained unchanged.