Karachi, June 26, 2024 – The Pakistan Stock Exchange (PSX) witnessed a positive turnaround on Wednesday, with the benchmark KSE-100 index climbing 335 points to close at 78,276.
This positive movement comes at the KSE-100 index after a previous day’s closing of 77,941 points.
Investor Confidence Buoyed by Budget Hopes
Analysts at Topline Securities attribute the positive session at the KSE-100 index to increased investor confidence surrounding the upcoming budget approval in the National Assembly. This optimism likely fueled buying activity across the market.
Intraday Rise and Closing Gains
The KSE-100 index reached an intraday high, reflecting a gain of 739 points. By the closing bell, the index settled at 78,276 points, representing a 0.43% increase from the previous day.
Oil & Gas Sector Leads the Charge
The Oil & Gas Exploration (E&P) sector emerged as a key driver of the KSE-100 index upward movement. OGDC, a prominent player in the sector, saw a significant increase of 4.87%. This rise reportedly follows news of the cabinet approving a payment of Rs82 billion in OGDC’s favor.
Major Gainers and Losers
Several companies significantly contributed to the KSE-100 index’s positive performance. Companies like FFC, OGDC, BAHL, PPL, and EFERT collectively added 486 points to the index. However, some companies also experienced stock price declines. HBL, NESTLE, MEBL, NBP, and MUGHAL collectively subtracted 105 points from the index.
Active Trading and Market Leadership
The trading session displayed robust activity, with over 465 million shares changing hands. The total traded value reached Rs14.35 billion. WTL topped the volume chart with over 57 million shares traded, showcasing strong market participation.
Looking Forward
The KSE-100 index’s rebound on Wednesday suggests a shift in investor sentiment. Positive expectations regarding the budget appear to be driving market confidence. However, it is essential to monitor future developments and economic indicators to assess the sustainability of this upward trend.