The Pakistan Stock Exchange (PSX) experienced a mixed day of trading on Wednesday, with some indices posting gains as the State Bank of Pakistan kept policy rate unchanged. The KSE100 rose by 447.43 points, or 0.32 percent, reaching 138,412.25 points from its previous close of 137,964.82 points. During intraday trading, the index fluctuated between a high of 139,018.88 points and a low of 137,658.81 points before settling near its upper limit.
On Wednesday, BRIndex100 closed at 14,122.07 points which was 26.03 points or 0.18 percent higher than previous close with the total volume remaining 304.357 million shares. BRIndex30 closed at 39,167.11 points which was 148.35 points or 0.38 percent lower than previous close and 152.44 million shares changed hands.
In its post session commentary, Topline Securities noted that Wednesday’s session remained volatile. Early trading was marked by selling pressure from leveraged investors amid uncertainty over a potential interest rate cut. However, following the State Bank of Pakistan’s (SBP) decision to keep the policy rate unchanged at 11 percent in its latest Monetary Policy Committee (MPC) meeting, the market rebounded, led primarily by strength in the banking sector.
In the Ready Market, a total of 476 companies were traded. Among these, 152 companies saw their rates increase, 290 experienced a decrease, and 34 remained unchanged.
The Ready Market’s turnover remained robust and stood at 425.84 million shares, with a traded value of Rs 25 billion. However, this marks a decrease from the previous day’s turnover of 606.33 million shares and traded value of Rs 32.68 billion. However, the market capitalization in the ready market saw a slight uptick of Rs 25 billion to Rs 16.595 trillion from Rs 16.570 trillion in the earlier session.
Leading the Ready Market in turnover was B.O.Punjab with 24.81 million shares traded, closing at Rs 13.72. Crescent Star Insurance followed with 20.9 million shares, closing at Rs 4.34 while Maple Leaf’s 14.50 million shares changed hands at closing price of Rs 79.62.
Unilever Pakistan Foods Limited saw the largest increase in the Ready Market, rising by Rs 399.61 to a close rate of Rs 33,020.02. PIA Holding Company Limited-B also showed a substantial gain, increasing by Rs 141.57 to close at Rs 31,299.00. Conversely, S.S.Oil Mills Limited experienced the biggest decrease, falling by Rs 87.90 to a close rate of Rs 791.08. Nestle Pakistan Limited also saw a decline, decreasing by Rs 78.52 to close at Rs 7,611.32.
The BR Automobile Assembler Index concluded the day at 23,073.74 points, registering a decrease of 190.64 points, which translates to a 0.82 percent decline. Its total turnover for the period was 6.481 million shares. Meanwhile, the BR Cement Index finished at 10,687.40 points, experiencing a negative shift of 112.04 points, or 1.04 percent. The sector’s total turnover amounted to 41.80 million shares.
In contrast, the BR Commercial Banks Index closed higher at 40,339.89 points, gaining 594.72 points for a positive change of 1.5 percent. This sector saw a total turnover of 49.13 million shares. The BR Power Generation and Distribution Index ended at 21,201.87 points, down by 34.83 points, or 0.16 percent. The total shares traded in this index were 23.01 million.
The BR Oil and Gas Index also saw a slight dip, closing at 11,948.04 points with a decrease of 5.72 points, representing a 0.05 percent change. Its total turnover was 12.18 million shares. Lastly, the BR Technology & Communication Index closed positively at 3,139.01 points, marking an increase of 114.81 points, or 3.8 percent. The sector’s total turnover reached 53.53 million shares.
According to Ahsan Mehanti of Arif Habib Corporation, Stocks experienced a sharp recovery, driven by investor anticipation of potential policy easing from the State Bank of Pakistan (SBP) later today, amid subdued inflation. This bullish close at the PSX was further propelled by strong financial results, surging global equities, robust global crude oil prices, and the stability of the Pakistani Rupee following strict vigilance by the SBP.
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