Karachi, October 2, 2024 – The KSE-100 index, the benchmark of the Pakistan Stock Exchange (PSX), posted a gain of 162 points on Wednesday, closing at 81,967 points, up from the previous day’s 81,805.
Despite ongoing geopolitical tensions in the Middle East, the market managed to climb by 0.20%, reflecting investor resilience in a volatile trading environment.
Analysts at Topline Securities Limited commented on the market’s performance, highlighting that the KSE-100 index experienced considerable fluctuations throughout the session. The KSE-100 index hit a high of 82,360 points before retreating to an intraday low of 81,529 points. The volatility was largely attributed to concerns over geopolitical developments, particularly the ongoing tensions in the Middle East, which weighed on global investor sentiment.
However, despite the uncertain international environment, certain heavyweight stocks in the KSE-100 index bolstered the overall performance. United Bank Limited (UBL), Fauji Fertilizer Company (FFC), MCB Bank, Engro Corporation, and Pakistan GasPort Limited (PKGP) emerged as the primary drivers of the market, collectively contributing 270 points to the KSE-100 index.
Trading activity remained robust, with 360 million shares exchanging hands over the course of the session, amounting to a total turnover of Rs. 15 billion. AGHA Steel Industries (AGHA) stood out as the most actively traded stock of the day, with 30 million shares changing ownership, reflecting strong investor interest in the steel sector.
Despite the positive close, market participants remain cautious as geopolitical risks continue to loom. “The geopolitical tensions are creating uncertainty, but the Pakistani market has shown a remarkable ability to absorb shocks and focus on the domestic economic fundamentals,” said a market analyst. “The resilience demonstrated by key sectors such as banking, fertilizers, and energy has provided a much-needed buffer for the index.”
Financial experts suggest that the market could see further gains if geopolitical tensions ease and international investors regain confidence. However, they also warned that continued instability in the Middle East could lead to increased volatility in the coming sessions.
As Pakistan’s stock market navigates these turbulent times, investors are keeping a close watch on both global developments and domestic economic indicators, which will be key factors in determining the market’s direction in the weeks ahead. The KSE-100 index’s performance on Wednesday underscores the resilience of the Pakistani market, but uncertainties remain, and investors are advised to proceed with caution.