Karachi, March 18, 2024 – The Pakistan Stock Exchange (PSX) witnessed a notable gain in its benchmark KSE-100 index, surging by 74 points during a profit-taking session on Monday.
Closing the trading day at 64,890 points, the KSE-100 index showed an uptick from last Friday’s closing of 64,816 points, indicating positive market sentiment despite fluctuations.
According to analysts at Topline Securities, Pakistan’s equities market began the week on a positive trajectory, with the KSE-100 index reaching an intraday high of 65,148 points in the morning session, reflecting an increase of 332 points or 0.51 percent.
However, as the day progressed, profit-taking activities ensued, leading to a pullback from the peak levels. Despite the initial surge, the benchmark index failed to sustain above the 65,000 mark and settled at 64,891 levels by the end of the trading session, recording a gain of 74 points or 0.11 percent.
Market observers attributed this market behavior to the cautious approach adopted by investors ahead of the monetary policy announcement scheduled for around 4 pm on the same day. While the majority of investors anticipated a continuation of the “Status Quo” monetary policy, a potential surprise reduction in interest rates, if announced, was expected to have a positive impact on the PSX.
The fertilizer, banking, and power sectors contributed positively to the index during the session, with companies such as Fauji Fertilizer Company (FFC), MCB Bank (MEBL), Hub Power Company (HUBC), United Bank Limited (UBL), and Dawood Hercules Corporation (DAWH) collectively adding 141 points. However, some profit-taking was observed in companies like Lucky Cement (LUCK), Systems Limited (SYS), and MCB Bank (MCB), resulting in a cumulative loss of 72 points.
Trading activity remained brisk during the session, with over 210.5 million shares exchanged at the bourse, amounting to a total value of Rs 7.76 billion. Wateen Telecom Limited (WLT) led the volumes chart with the trading of over 16.3 million shares, indicating active participation from investors across various sectors.
Despite the fluctuations and profit-taking activities, the overall market sentiment remained positive, reflecting investors’ confidence in the resilience and potential of the Pakistani equities market. As investors await further developments, including the monetary policy announcement and other economic indicators, the KSE-100 index’s performance is expected to continue attracting attention and shaping investment decisions in the coming days.
