Karachi, December 4, 2023 – The Pakistan Stock Exchange (PSX) witnessed another historic surge as the benchmark KSE-100 index reached an unprecedented 62,493 points on Monday, sustaining its record-breaking rally.
The index marked an impressive gain of 802 points compared to last Friday’s closing figure of 61,691 points. Analysts from Topline Securities noted that Pakistan’s equities market began the week on a robust note, with the KSE-100 index surging past the 62,000 level and closing at 62,493 points, reflecting a substantial increase of 1.30 percent or 801 points.
The bullish momentum at the PSX continues, with a notable “Fear of Missing Out – FOMO” buying trend observed across the market. Investors are eager to capitalize on the ongoing upward trajectory, contributing to the overall positive sentiment.
Interestingly, any correction in the market appears to be sector-specific rather than a broad-based decline. Intraday corrections were observed today, particularly in the cement and banking sectors, where some selling pressures led to profit-taking. However, this correction was swiftly offset as funds flowed into energy sector stocks.
Notable contributors to the negative correction included UBL (United Bank Limited), LUCK (Lucky Cement), MLCF (Maple Leaf Cement Factory), HMB (Habib Metropolitan Bank), MCB (Muslim Commercial Bank), and PIOC (Pak Oman Investment Company), collectively shedding 61 points. On the positive side, PPL (Pakistan Petroleum Limited), OGDC (Oil & Gas Development Company), MTL (Millat Tractors), MARI (Mari Petroleum), and HUBC (Hub Power Company) experienced strong buying interest, collectively adding a significant 378 points to the index.
The day’s trading activity saw substantial volumes, with over 734 million shares changing hands, and the total traded value reached Rs31.6 billion. Notably, WTL (Worldcall Telecom Limited) led the volumes chart with the trading of over 57 million shares.
Investors are closely monitoring the dynamic market conditions, and the surge in trading volumes indicates heightened participation and interest in the current bull run. The market’s resilience and the sector-specific nature of corrections suggest a robust and well-supported upward trend.
As the KSE-100 index continues to set new records, market participants are cautiously optimistic, navigating the market dynamics and positioning themselves to capitalize on potential opportunities amidst this historic rally.
