Karachi, August 30, 2024 — The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) showed resilience on Friday, gaining 138 points despite some profit-taking observed during the trading session. The index closed at 78,488 points, up from the previous day’s closing of 78,350 points.
Analysts at Topline Securities Limited noted that the market remained in positive territory for most of the trading day. The KSE-100 index reached an intraday high of 564 points as investor sentiment was buoyed by optimistic economic data and strong corporate earnings. However, the momentum slowed in the closing hours due to profit-taking, which led the index to settle at 78,488 points, marking a modest gain of 0.18%.
The upward movement in the KSE-100 index was largely driven by significant contributions from key stocks, including Engro Fertilizers (EFERT), Millat Tractors Limited (MTL), Fauji Fertilizer Company (FFC), National Bank of Pakistan (NBP), and United Bank Limited (UBL). These stocks collectively added 239 points to the KSE-100 index, reflecting robust investor interest and positive earnings expectations.
On the flip side, some stocks experienced declines that weighed on the overall KSE-100 index performance. Hub Power Company Limited (HUBC), Habib Bank Limited (HBL), Bank AL Habib Limited (BAHL), Pakistan Petroleum Limited (PPL), and Bank Alfalah Limited (BAFL) collectively lost value, subtracting 141 points from the index. The mixed performance of these stocks highlights the profit-taking trend that emerged towards the end of the trading session.
The market saw active trading throughout the day, with a total traded volume of 678 million shares and a trading value of Rs 21 billion. HASCOL Petroleum Limited emerged as the volume leader, with 62.9 million shares changing hands, reflecting strong investor interest in the stock.
Despite the profit-taking, the overall sentiment in the market remained positive, driven by expectations of favorable macroeconomic indicators and corporate earnings. Analysts believe that the KSE-100 index’s ability to hold onto gains amid profit-taking is a sign of underlying market strength and investor confidence in the economic outlook.
Looking ahead, market participants are expected to closely monitor economic data releases and corporate earnings reports, which could influence market direction. The index’s performance in the coming days will likely depend on global economic trends, commodity prices, and domestic policy developments. Investors are advised to remain cautious and keep a close eye on key economic indicators that could impact the market’s future trajectory.
