Karachi, August 23, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed the week on a slightly positive note, ending Friday’s session at 78,801 points.
This marked a modest increase of 8 points from the previous day’s closing of 78,793 points to the KSE-100 index.
Despite a generally positive trading session, some profit-taking activity was observed towards the end of the day, leading to a flat close. The KSE-100 index managed to gain 0.01% for the day, reflecting the mixed sentiments among investors.
The spotlight of today’s trading was the pharmaceutical sector, which saw substantial activity. Out of the 12 pharmaceutical companies listed on the PSX, 8 ended the day at their respective upper circuit limits. This surge in activity can be attributed to the Pharma Conference organized by Topline Securities Limited. The conference featured presentations from four key pharmaceutical companies, who provided optimistic forecasts for the sector, citing expectations of double-digit revenue growth following the deregulation of non-essential drug prices in April 2024.
Investor enthusiasm in the pharmaceutical sector was further fueled by recent earnings announcements. HALEON reported a significant increase in earnings for the second quarter of 2024, with an EPS of Rs.10.45, up by 74% quarter-on-quarter. GLAXO also reported strong growth, with an EPS of Rs.3.42, up by 93% from the previous quarter. These robust earnings results contributed to heightened buying interest in the pharmaceutical stocks.
Trading volume and value for the day were substantial, with a total of 579 million shares traded and a market value of Rs.18 billion. KOSM emerged as the volume leader, trading 81 million shares, reflecting its strong presence in today’s market activity.
Overall, while the KSE-100 index showed only marginal gains, the day’s trading was marked by significant developments in the pharmaceutical sector, driven by optimistic earnings reports and investor interest. As the market looks ahead, the focus will likely remain on the pharmaceutical sector and its performance in light of recent regulatory changes and financial results.
