KARACHI: The Pakistan Stock Exchange (PSX) extended its overnight gains in the weekend session, with banks, oil and gas, and cement stocks driving the benchmark index above 162,000 points before closing slightly below that level.
The KSE-100 index gained 1,277.69 points, or 0.8 percent, to finish at 161,935.19, according to Topline Securities. Analysts attributed the optimism to the approval of the 27th Amendment by parliament, which clarified the political outlook and eased investor concerns. Positive sentiment was further supported by the announcement of the IMF executive board meeting on December 8 to approve $1.2 billion for Pakistan under the EFF and RSF programes.
Major contributors to the index included Habib Bank, United Bank, Maple Leaf Cement Factory Ltd (MLCF), Oil and Gas Development Company, and Pakistan Petroleum, which collectively added 514 points. Insight Securities noted that MLCF is evaluating the acquisition of 58.03 percent of Pioneer Cement shares through a negotiated agreement, along with an additional 11.72 percent via a public offer, pending regulatory approval and final agreements. If completed, the deal would consolidate the cement sector further, raising the market share of the top five players to 75 percent.
Despite the bullish trend, market activity slowed, with trading volume down 15.52 percent to 673 million shares and total value dipping 1.36 percent to Rs35.1 billion. Pace Pakistan led the volume board with 51.75 million shares traded.