Karachi, December 21, 2023 – Pakistan equities experienced a notable upswing on Thursday as equities gained 246 points in a mixed trading session, bringing optimism to investors after an initially bearish start to the day.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 62,694 points, marking a substantial increase from the previous day’s closing at 62,448 points.
Analysts at Topline Securities Limited observed that the day began with a continuation of losses from previous trading sessions. However, a shift in market sentiment later in the day led to a bullish trend, ultimately resulting in a positive close. The KSE-100 index concluded today’s session at 62,693, reflecting a gain of 246 points or 0.39 percent.
Throughout the trading day, the index demonstrated considerable volatility, trading within a range of 1,099 points. The intraday high reached 62,850 points, showcasing an increase of 402.08 points, while the low touched 61,750.97 points, marking a decrease of 697.04 points.
The positive momentum in the market was attributed to significant contributions from stocks in the Oil Marketing Companies (OMCs) and refinery sectors. Key players such as PPL, PSO, OGDC, CNERGY, and ATRL collectively added 183 points to the index. On the flip side, certain stocks, including DAWH, MCB, and ENGRO, experienced losses, resulting in a combined deduction of 133 points.
The trading session witnessed robust activity, with a total of 812 million shares exchanged on the stock exchange, amounting to a total value of Rs16.8 billion. Karachi Electric Limited (KEL) stood out on the volumes chart, leading with the trading of over 209 million shares.
Market participants closely monitored the developments in various sectors, and positive sentiment prevailed as gains outweighed losses. The Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) played a pivotal role in driving the market’s positive performance, reflecting the resilience of the energy sector.
Investors remained vigilant amid global economic uncertainties, with a keen eye on developments that could impact Pakistan’s financial markets. The market’s ability to recover from initial losses and end the day on a positive note underscores the resilience and adaptability of Pakistan’s equities market.
As the trading week progresses, market participants will continue to analyze economic indicators, corporate earnings, and global factors that could influence the trajectory of Pakistan’s stock market. The mixed trading session serves as a reminder of the dynamic nature of financial markets, where fluctuations and quick turnarounds are integral components of the investment landscape.
