Karachi, September 27, 2023 – Pakistan equities experienced a modest uptick on Wednesday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gaining 87 points in what was described as a lackluster trading session.
The KSE-100 index concluded the day at 46,365 points, compared to the previous day’s closing level of 46,278 points, representing a marginal increase of 0.19%. Analysts at Topline Securities noted that the Pakistan market exhibited a sideways trading pattern for the third consecutive day, with investors patiently awaiting a clear market direction due to the absence of significant catalysts.
The positive momentum in the market was primarily driven by several key contributors, including Oil and Gas Development Company Limited (OGDC), Pakistan Petroleum Limited (PPL), Fauji Fertilizer Company (FFC), Pakistan State Oil (PSO), and Engro Fertilizers Limited (EFERT). Together, these companies added 114 points to the index. However, losses incurred by Systems Limited (SYS), Habib Bank Limited (HBL), and United Bank Limited (UBL) had a negative impact, weighing down the index by -101 points.
Trading activity remained moderate, with over 177 million shares changing hands during the session, and the total value of trades amounting to Rs6.9 billion. Maple Leaf Cement Factory Limited (MLCF) led the volumes chart, with over 11 million shares traded.
As investors await clearer market cues, market analysts continue to closely monitor economic developments, both domestically and internationally, for potential triggers that could influence market sentiment in the coming days.