Karachi, July 2, 2024 – The Pakistan Stock Exchange (PSX) witnessed a robust rally as the benchmark KSE-100 Index surged by 729 points, closing at 79,553 points from the previous day’s level of 78,824 points.
Investor sentiment remained buoyant throughout the trading session, driven by optimistic expectations surrounding economic stabilization measures and ongoing negotiations with the International Monetary Fund (IMF) for significant loan programs. Analysts noted that the market’s positive momentum was further bolstered by stringent fiscal measures outlined in the government’s 2024-25 budget.
According to analysts at Topline Securities Limited, today’s trading session showcased significant bullish activity across various sectors. The KSE-100 Index peaked at an intraday high of 79,740 points, marking a notable increase of 916 points before settling at 79,553 points by the session’s close, reflecting a gain of 0.91%.
Key sectors contributing to the KSE-100 Index upward trajectory included Fertilizer, Exploration & Production (E&P), and Banking sectors. Leading stocks such as Fauji Fertilizer Company (FFC), Pakistan Petroleum Limited (PPL), National Bank of Pakistan (NBP), International Industries Limited (INIL), and United Bank Limited (UBL) collectively added 340 points to the index, underpinning the day’s gains.
Market activity remained robust at KSE-100 Index, with a total trading volume of 421 million shares valued at Rs16.5 billion. WorldCall Telecom Limited (WTL) emerged as the most traded stock, with over 23 million shares changing hands during the session, illustrating strong investor participation and liquidity in the market.
The uptick in the KSE-100 Index reflects investor confidence amidst ongoing economic developments and policy measures aimed at enhancing fiscal discipline and economic growth. Market participants continue to monitor developments closely, particularly concerning negotiations with the IMF and the implementation of budgetary reforms, which are expected to shape market sentiment in the coming days.
As Pakistan navigates its economic challenges, stakeholders remain optimistic about the equity market’s resilience and its potential to capitalize on strategic reforms and external financial support. The robust performance of key sectors of KSE-100 index and significant trading volumes underscore the market’s responsiveness to policy developments and economic indicators, positioning the PSX for continued momentum in the near term.
