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Stocks rebound strongly after 2-day breather | The Express Tribune
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File
KARACHI:
The Pakistan Stock Exchange (PSX) staged a strong rebound on Friday as it surged nearly 1,300 points, led by investor interest in attractive stocks of fertiliser, bank, technology and energy sectors.
The benchmark KSE-100 index rose to the record high of 169,865 following a two-day breather, but it fell short of the 170k milestone at the close of trading. The market reached 170,053 in intra-day trading, however, it again could not hold the level and dropped just before the end of the session.
Earlier, at the commencement of trading, the index immediately dipped to the intra-day low of 168,422 and thereafter it made a gradual recovery by erasing all the losses. At close, the KSE-100 index recorded an increase of 1,289.83 points, or 0.77%, to settle at 169,864.53.
According to analysts, on a week-on-week basis, the index gained 1.66%, which could be attributed to the approval of $1.2 billion in loans by the International Monetary Fund (IMF) and the power-sector debt settlement of Rs659.6 billion.
In its daily review, Topline Securities said that the KSE-100 index rebounded on Friday as it largely traded in the positive zone and closed at 169,865 (up 0.77%). Top positive contribution to the index came from Fauji Fertiliser Company, MCB Bank, Systems Limited, Maple Leaf Cement, Pakistan Petroleum, Engro Fertilisers and Hubco as they cumulatively contributed 962 points.
Traded value-wise, Nishat Mills (Rs3 billion), Pakistan Petroleum (Rs2.17 billion), Sui Southern Gas Company (Rs1.28 billion), Maple Leaf Cement (Rs1.25 billion), Meezan Bank (Rs1.24 billion), Fauji Fertiliser Company (Rs1.2 billion) and OGDC (Rs1.16 billion) dominated the activity, Topline said.
In its weekly report, the brokerage house said that the KSE-100 gained 1.66% week-on-week. “This gain can be attributed to news that the IMF board approved a $1.2 billion loan by granting waivers for missing a few core conditions, and the landmark Rs659.6 billion power-sector debt settlement.”
Mubashir Anis Naviwala of JS Global said that the PSX rebounded strongly as the KSE-100 index surged 1,290 points to close at 169,865.
The market opened soft but quickly recovered with a steady upward momentum. It touched the intra-day high at 170,053, showing strong buying interest, he said.
Overall volumes remained healthy at 873 million shares as optimism returned after Thursday’s pullback, lifting major sectors. Buyers remained dominant throughout the session, driving sustained strength. “The near-term outlook stays positive as the market attempts another break above 170k,” he added.
Overall trading volumes stood at 873 million shares compared to the previous tally of 1.3 billion. The value of traded shares stood at Rs40.9 billion.
On the ready market, shares of 482 companies were traded. Of these, 259 closed higher, 180 dipped and 43 remained unchanged.
Hum Network was the volume leader with trading in 71.8 million shares, rising Rs0.23 to close at Rs14.88. It was followed by Dost Steels with 47 million shares, gaining Rs0.22 to close at Rs8.14 and WorldCall Telecom with 40.8 million shares, up Rs0.04 to close at Rs1.83.
Foreign investors were net sellers of shares worth Rs547.5 million, the National Clearing Company reported.
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The BSE Sensex is trading higher by 371 points, or 0.47%, at 81,090.24, while the NSE Nifty rises by 70 points to trade above 24,850 at 24,889.25.
Stock Market Today.
Market Updates Today: A day after the market crash following the Budget’s provision to hike Securities Transaction Tax (STT), the domestic equity market on Monday saw heightened volatility. After opening nearly flat, the NSE Nifty rose to the day’s high, then touched the day’s low before sharply recovering to trade at the day’s high of 25,093.
As of 3:16 pm, the BSE Sensex surged by 932 points, or up 1.13%, to 81,641.87 in the afternoon trade and the NSE Nifty rose by 267 points, or up 1.07%, to trade above 25,000 at 25,093.27. After opening nearly flat, the NSE Nifty rose to the day’s high, then touched the day’s low before sharply recovering to trade at the day’s high of 25,093.27.
Among the 30 Sensex shares, 25 stocks were trading in the green. Among the top gainers were PowerGrid, Adani Ports, BEL, Reliance, Mahindra & Mahindra, Larsen & Toubro, and IndiGo, rising by up to 7.91%. The laggards were Axis Bank, Infosys, Titan, TCS, and Trent, falling by up to 1.97%.
After opening nearly flat, at around 9:30 am, the BSE Sensex jumped by 350 points to 81,112.03 in the opening trade, while the NSE Nifty rose 91 points to trade above the 24,900 level at 24,910.85. However, the benchmarks gave up all gains and declined to day’s low amid heavy volatility.
Aakash Shah, technical research analyst at Choice Equity Broking Private Ltd, said, “Near-term sentiment remains cautious despite some support from domestic technical indicators. The broader market direction will largely be influenced by global equity cues, crude oil price movements, and institutional fund flows.”
On Sunday, the Nifty saw an aggressive sell-off after the Budget 2026 announcement to hike STT, plunging nearly 870 points from 25,440 to an intraday low of 24,571, before staging a partial recovery to close at 24,825.
“A strong bearish candle was formed, with the index closing decisively below the 200-day EMA, indicating a deterioration in trend strength. Immediate resistance is placed at 24,950–25,000, while key support lies in the 24,650-24,700 zone. The RSI slipped to 31, reflecting oversold conditions, while India VIX surged 10.73% to 15.09, highlighting elevated market volatility,” Shah said.
On Sunday, February 1, foreign institutional investors (FIIs) sold equities worth Rs 588 crore, while domestic institutional investors (DIIs) also remained net sellers, offloading shares worth Rs 682 crore, adding to the pressure on the market.
V K Vijayakumar, chief investment strategist at Geojit Investments Ltd, said, “Yesterday’s market selloff resulting in 495 point crash in Nifty was a knee-jerk reaction to the sharp increase in STT on F&O trades. This was not a revenue-raising measure, but a decision to discourage retail traders from complex F&O trading, in which 92% of them were losing money. This decision is in the interest of retail investors. But this decision impacted the market sentiments, which were already impacted by the decision to make no changes in the LTCGs tax, which a section of the market was expecting rather unrealistically.”
It is important to understand that the Budget is a growth-oriented Budget with fiscal prudence. The 10% nominal GDP growth projected in the Budget is achievable and has the potential to deliver around 15% earnings growth in FY27. The market will soon start discounting this positive. But it is possible that FIIs may continue to sell impacting the market. Retail investors should keep their cool and remain invested and continue to invest systematically. A significant upturn in the market may take time; perhaps a retreat from AI trade globally. We don’t know when this will happen. But we know that an earnings rebound is imminent in response to this growth oriented Budget. That is a clear positive, he added.
February 02, 2026, 09:34 IST
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