Karachi, May 23, 2024 – The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) experienced a day of mixed trading on Thursday, ultimately gaining 158 points. The index closed at 75,114 points, up from the previous day’s close of 74,956 points.
Analysts at Topline Securities Limited noted the market’s volatility throughout the session. The KSE-100 index hit an intraday high of 75,285 points, an increase of 328 points, and an intraday low of 74,726 points, a decrease of 231 points. Despite the fluctuations, the index settled at a gain of 158 points, marking a 0.21% increase for the day.
Several sectors contributed to the day’s positive performance, with notable gains in the Fertilizer, Power, and Exploration & Production (E&P) sectors. Key players such as Oil & Gas Development Company (OGDC), K-Electric Limited (KEL), Fauji Fertilizer Company (FFC), and Hub Power Company (HUBC) collectively added 175 points to the index.
However, the gains were partially offset by losses in other sectors. Major decliners included Engro Corporation (ENGRO), MCB Bank (MCB), and United Bank Limited (UBL), which together lost 110 points. This tug-of-war between the gainers and losers characterized the mixed nature of the trading session.
Trading activity was robust, with over 753 million shares exchanged on the bourse, amounting to a total value of Rs16.6 billion. K-Electric Limited (KEL) led the volumes chart, with more than 191 million shares traded, highlighting strong investor interest in the company.
The mixed trading session reflects the market’s ongoing adjustment to various economic signals. Investors are closely monitoring domestic and international factors, including economic policies, corporate earnings, and geopolitical developments, all of which are influencing market sentiment.
Despite the day’s fluctuations, the overall market sentiment leaned towards cautious optimism. The gains in key sectors such as Fertilizer, Power, and E&P suggest a positive outlook for these industries. Meanwhile, the high trading volumes indicate sustained investor interest and market liquidity.
As the market continues to navigate through various economic challenges and opportunities, analysts remain watchful of key indicators that could impact future trading sessions. The performance of the KSE-100 Index in the coming days will likely be influenced by ongoing developments in both the domestic and global economic landscape.
The PSX remains a critical barometer of Pakistan’s economic health, and today’s gains, despite a mixed trading session, provide a hopeful signal for investors looking for stability and growth in the country’s equity market.
