Karachi, March 7, 2024 – The Pakistan Stock Exchange (PSX) experienced a day of turbulence as the benchmark KSE-100 index closed down by 54 points, concluding at 65,603 points after a volatile trading session on Monday.
The index, which opened the day at 65,657 points, underwent a series of fluctuations throughout the day, reaching an intraday high of 217.53 points and an intraday low of 468.94 points. The closing level of 65,603.08 reflected a decline of 54 points from the previous day’s closing, showcasing the intricacies of the trading environment.
Analysts from Topline Securities Limited noted the heightened volatility, attributing it to a mix of factors influencing market sentiment. Despite the fluctuations, the market exhibited resilience in the face of uncertainties, indicating the ability of investors to navigate through the complexities of the current economic landscape.
On the political front, the newly elected Prime Minister, Shehbaz Sharif, has swiftly moved to address the country’s challenges. Pledging tireless dedication to resolving the crisis, there is anticipation that his cabinet members’ names will be finalized within the next 48 hours. The political developments added an additional layer of influence on market dynamics as investors monitored potential impacts on economic policies.
In the cement sector, DGKC (+1.29%), PIOC (+0.92%), and KOHC (2.16%) posted positive gains as international coal prices dipped to $100 per ton. This development contributed to a sectoral boost, demonstrating the interconnectedness of global economic factors with the local market.
Consequently, the banking, oil exploration, fertilizer, and power sectors made positive contributions to the index. OGDC, PAEL, HUBC, PPL, and DAWH collectively added 134 points, showcasing the diversified nature of the market’s performance. However, certain stocks like BAHL, MCB, ENGRO, and MEBL faced selling pressure, resulting in a collective loss of 121 points.
Trading activity at the bourse remained active, with approximately 354 million shares exchanged and a total value of Rs14.42 billion. Notable stocks such as PAEL, TELE, and PIAA led the volumes chart, with over 74 million shares traded.
Investors and market participants are advised to remain vigilant amid the ongoing volatility, carefully assessing developments in both domestic and international arenas. As the market responds to shifting dynamics, proactive strategies and a watchful eye on emerging trends will be crucial for navigating the intricate landscape of the Pakistan Stock Exchange.
