Karachi, October 12, 2023 – Pakistan equities continued their bullish trajectory on Thursday, gaining 297 points.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 48,772 points, showing a notable increase from the previous day’s closing figure of 48,475 points.
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Financial analysts at Topline Securities Limited highlighted that Pakistan’s equities market has maintained its upward momentum, with the KSE-100 index reaching 48,772. This marks a gain of 297 points, equivalent to a 0.61 percent increase.
The upbeat market sentiment was influenced by various factors, including the Pak Suzuki Motor Company’s consideration of a proposal from a major shareholder to potentially acquire all outstanding PSMC shares from other investors and the potential delisting of the company in accordance with listing regulations.
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However, it’s worth noting that adverse media reports concerning TRG, which TRG has strongly criticized as a “malicious media campaign” containing “misleading and false” information, had a negative impact on TRG’s stock. This led to a substantial decline in the KSE-100 index.
In terms of sector performance, the market saw positive momentum in the banking, fertilizer, and power sectors. Key contributors to this performance included EFERT, FFC, HUBC, ENGRO, and UBL, collectively adding 224 points to the market. In contrast, TRG, MEBL, and COLG collectively incurred a loss of 86 points.
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In terms of trading volume, K-Electric Limited (KEL) took the lead, with 112.9 million shares changing hands. The overall market witnessed a trading volume of 342 million shares, with a total value of Rs 11.7 billion.
Pakistan’s equities market remains dynamic and responsive to various market factors, offering investors opportunities for growth and returns. As the market continues to evolve, investors closely monitor sector performances and emerging trends to make informed investment decisions.
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