Karachi, August 6, 2024 – The KSE-100 Index of the Pakistan Stock Exchange (PSX) experienced a day of erratic trading on Tuesday, ending with a modest gain of 107 points.
The index closed at 77,191 points, showing a slight improvement from the previous day’s close of 77,084 points.
Analysts from Topline Securities Limited reported that the PSX saw a brief recovery during today’s trading session, mirroring some positive trends observed in international markets. Despite this temporary uplift, the gains were not sustained, and the market experienced fluctuations throughout the day.
During the trading session, the KSE-100 Index reached a high of 77,746 points, reflecting an intraday increase of 662 points, or 0.86%. By the end of the day, the index had gained 0.14%, closing at 77,193 points. This modest rise indicates a day of significant movement but limited overall change.
One of the key highlights of the day was the performance of HUBC, a major player in the power sector. HUBC’s stock saw notable gains following the announcement that BYD, a prominent Chinese automotive manufacturer, will officially launch its brand in Pakistan on August 17, 2024. This news generated positive sentiment in the market and contributed to HUBC’s improved stock performance.
Several other stocks also contributed to the positive movement of the index. Stocks such as SYS, HUBC, PSEL, HMB, and HBL were among the top performers, collectively adding 242 points to the KSE-100 Index. Conversely, other stocks such as BAHL, LUCK, and PSO had a negative effect, together subtracting 159 points from the index.
Trading activity on the PSX was active, with a total of 599 million shares traded, amounting to a value of Rs 17 billion. KOSM emerged as the most actively traded stock, with over 147 million shares changing hands during the session.
Despite the day’s volatility, the gain of 107 points reflects a cautious optimism among investors. The market’s fluctuations underscore the ongoing uncertainty, influenced by both local developments and broader international trends. As the PSX continues to navigate through these uncertain conditions, future trading sessions are likely to be shaped by a combination of domestic economic factors and global market dynamics.
