Karachi, August 1, 2023 – Pakistan equities saw gains of 196 points on Tuesday, August 1, 2023, as investors engaged in profit-taking activities.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 48,230 points, showing an increase from the previous day’s closing of 48,034 points.
Analysts at Topline Securities described the day as a consolidation day for Pakistan equities. The trading session began on a positive note, with the benchmark index reaching an intraday high at 48,442 points (an increase of 407 points or 0.85 percent). This surge was attributed to the “Status Quo” announcement made by the Monetary Policy Committee during their meeting the previous day, where they decided to maintain the interest rate at 22 percent.
However, as the trading session progressed, profit-taking activities were observed in the latter half, which caused the index to close at 48,231 points, gaining 196 points (0.41 percent) overall for the day.
The market performance was driven by contributions from various sectors. Fertilizer, Exploration & Production (E&P), Banks, Textile, and Tobacco sectors made positive contributions, with companies such as ENGRO, MARI, UBL, ILP, and PAKT adding a total of 119 points to the index. On the other hand, some selling interest was observed in companies like COLG, HUBC, and PPL, leading to a decrease of 111 points.
In terms of trading volume, the market witnessed a total of 554 million shares changing hands, marking a 13 percent increase compared to the previous day. The total value of shares traded was Rs15.9 billion, which was down by 10.7 percent from the previous day. The most actively traded stock was TELE, with 39.6 million shares exchanging hands on that day.
Overall, the Pakistan equity market demonstrated resilience and positive momentum, with investors adjusting their positions and capitalizing on profit-taking opportunities. As economic conditions and policy decisions continued to influence market dynamics, market participants kept a close eye on developments to make informed investment decisions.