PSX gains 500 points as Chagai copper-gold discovery boosts sentiment
KARACHI (Staff Report): The Pakistan Stock Exchange (PSX) closed higher on Friday, gaining 500.11 points as investor sentiment received a boost from the discovery of copper and gold mineralisation in Balochistan’s Chagai district. However, profit-taking by major investors capped the bullish momentum, while domestic political uncertainty and geopolitical risks kept the market volatile throughout the session.
The benchmark KSE-100 Index gained 0.28 percent to settle at 177,873.87 points against the previous close of 177,373.76 points. During the session, the index touched an intraday high of 179,284.34 points and a low of 176,865.05 points, reflecting a trading range of more than 2,419 points.
Financial Analyst Sheheryar Butt said the discovery of copper and gold mineralization in Chagai provided positive momentum to the market and improved investor sentiment.
He said the development had generated optimism about Pakistan’s untapped mineral potential and prospects for attracting investment in the mining sector.
The discovery was announced by Mari Energies through its wholly owned subsidiary, Mari Minerals, at the East Siah Diq exploration target in Chagai. The company reported porphyry copper-gold mineralisation following approximately 25,000 metres of exploration drilling.
However, Butt noted that the market remained volatile throughout the trading session as investors weighed positive developments against domestic and international uncertainties.
He said concerns surrounding local political instability and geopolitical threats continued to influence investor sentiment, while cautious positioning ahead of the weekend added to market fluctuations.
He added that profit-taking by major investors limited the upward momentum, as institutional and large investors booked gains during the session, preventing the benchmark from sustaining its intraday highs.
Despite intermittent selling pressure, buying interest in selected exploration, energy and other stocks helped the benchmark maintain its positive closing position.
In the broader market, the All-Share Index gained 589.19 points, or 0.56 percent, to close at 106,712.06 points.
Overall market participation remained significant, with total trading volume reaching 1.043 billion shares across 497 companies. The cumulative traded value stood at approximately Rs31 billion. A total of 284 companies closed higher, 184 declined and 29 remained unchanged.
The session reflected a combination of optimism over Pakistan’s mineral discoveries and continued caution over domestic political and geopolitical developments.