PSX extends rally to fourth session, gains 1,456 points - The Express Tribune

Banks, fertilizers drive benchmark KSE-100 Index up 0.88% to close at 167,193 points

The KSE-100 Index extended its winning streak to a fourth consecutive session on Thursday, closing over 167,190 points after gaining about 1,460 points, with roughly 366 million shares changing hands.

The benchmark index closed at 167,193 points, gaining 1,456 points (+0.88%) DoD, with approximately 366mn shares traded. The market maintained its positive momentum, extending its winning streak to four consecutive sessions.

Sector-wise, commercial banks, fertilizers, investment banks, oil & gas, and refineries led the gains. FFC, ENGROH, HBL, MCB, and UBL remained among the key contributors, while trading activity was concentrated in CNERGY (184mn shares), KEL (47mn), PTC (15mn), and BOP (14mn), said Ahmed Sheraz of KASB KTrade.

Corporate earnings continue to drive market sentiment, with better-than-expected results supporting buying interest in heavyweight stocks. Following strong results from FFC and HUBC, PSO and MARI also reported encouraging numbers.

Meanwhile, Brent crude eased around 1% to near $114/bbl, offering some relief, while the market has largely absorbed the recent 50bps State Bank of Pakistan rate hike and rollover-related concerns.

Going forward, some consolidation and profit-taking may emerge after four straight positive sessions, particularly on Friday. Market volumes and sustained buying in heavyweight stocks will be crucial in determining whether the bullish momentum continues.

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