Karachi, September 6, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed with a modest gain of 35 points on Friday in a range-bound trading session. The index finished at 78,898 points, up from the previous day’s close of 78,863 points.
According to analysts at Topline Securities Limited, the KSE-100 index saw a mixed performance, fluctuating between an intraday high of 391 points and an intraday low of 54 points in negative territory. Despite the swings, the index ended up gaining 0.04%, reflecting cautious investor sentiment amid limited triggers.
Key contributors to the positive movement in the index included companies like Kohat Cement (KOHC), Mari Petroleum (MARI), Bank Alfalah (BAFL), National Bank of Pakistan (NBP), and MCB Bank (MCB). These stocks collectively added 42 points to the KSE-100 index. On the flip side, companies like Meezan Bank (MEBL), Engro Corporation (ENGRO), Fauji Fertilizer Company (FFC), Habib Metropolitan Bank (HMB), and National Foods (NATF) saw declines, collectively dragging the index down by 30 points.
Trading volume for the day stood at 738 million shares, with a total trading value of Rs 12.8 billion. While activity remained steady, it lacked the momentum to drive any significant upward trend.
Market participants highlighted that the lack of major economic news and a wait-and-see approach by investors contributed to the range-bound session at the KSE-100 index. Investors are keeping a close eye on global market trends, particularly oil prices, and upcoming economic developments, including potential changes in the monetary policy and any signals from international financial institutions.
Despite the modest gain, analysts remain optimistic about the medium-term outlook for the PSX, citing improving corporate earnings in key sectors such as banking, cement, and oil. However, they cautioned that external factors, such as global market volatility and geopolitical tensions, could continue to influence investor sentiment in the near future.
Looking ahead, market experts expect trading in the KSE-100 index to remain cautious, with a focus on upcoming corporate results and any government policy announcements that could influence the broader economy.
For now, the market appears to be in consolidation mode, as investors weigh the impact of both domestic and international developments on future market performance.
