Karachi, July 18, 2023 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) managed to hold steady at the 45,000 level on Tuesday, amidst ups and downs in the market.
The index closed at 45,009 points, showing a slight decline of 33 points compared to the previous day’s closing of 45,042 points.
Subtitle: Bulls Successfully Defend Psychological Level as Market Experiences Mixed Sentiments
Analysts at Topline Securities noted that the 45,000 point level witnessed a battle between bulls and bears throughout the day, with the bulls ultimately managing to defend this psychological threshold as the KSE-100 index concluded the trading session at 45,009 level.
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It is worth noting that this marked the fourth consecutive negative session since July 2013, when the benchmark index reached an intraday high of 45,971 points. Consequently, the market has retraced by 962 points (a 2.1% decline) to date.
Mixed sentiments among investors contributed to a directionless market during trading hours. Colgate-Palmolive remained a major positive contributor, adding 51 points, followed by POL with 36 points, MCB with 30 points, UBL with 29 points, and MEBL with 26 points. On the other hand, PPL, BAHL, and PSO emerged as major laggards, collectively shedding 67 points.
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The highlight of the day was the depreciation of the Pakistani Rupee against the US Dollar. The local currency lost confidence and closed at 283.04 (a loss of Rs 3.78, representing a 1.34% depreciation) in the interbank trading. The likely reasons for this depreciation could be higher interbank payments and subsequent pressure in the open market.
READ MORE: Pakistan Stocks Shed 199 Points as Correction Continues
On the political front, the ruling alliance has reportedly agreed to dissolve assemblies on August 8, 2023, just before their expiry on August 12, 2023, as per media sources.
Market volumes stood at 254.3 million shares (a 19% decrease day-on-day) with a value of Rs 7.3 billion (a 7% increase day-on-day). BOP continued to lead the volume chart for the second consecutive day, with nearly 30 million shares changing hands.
READ MORE: Pakistan Stocks Experience a Decline of 248 Points in Profit-Taking Session
Investors will closely monitor market dynamics and developments in the coming days as the KSE-100 index navigates through volatility and seeks stability.
Please note that stock market trends are subject to change, and readers are advised to refer to official sources or consult with financial experts for the most accurate and up-to-date information.
