Karachi, October 6, 2023 – Pakistan equities closed the week with a slight gain as the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) edged up on the last trading session.
The market’s resilience was fueled by positive sentiment and increased investor interest, particularly in the automobile sector.
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Closing at 47,494 points, the KSE-100 index recorded a modest increase of 0.09 percent, up from its previous day’s closing figure of 47,452 points. Analysts at Topline Securities noted that the market largely traded in the positive zone throughout the session, reflecting the ongoing momentum.
One of the key drivers of this optimism was the recent appreciation of the Pakistani Rupee (PKR) against the US Dollar (USD), which buoyed investor confidence in the automobile sector. Notably, several stocks made substantial contributions to the index’s upward movement.
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Hub Power Company (HUBC), Millat Tractors Limited (MTL), Dawood Hercules Corporation Limited (DAWH), Systems Limited (SYS), and MCB Bank Limited (MEBL) collectively contributed 102 points to the index, underscoring the strength of these companies within the market.
However, on the flip side, some heavyweight stocks faced losses, thereby putting downward pressure on the index. Oil and Gas Development Company (OGDC), Habib Bank Limited (HBL), Pakistan Steel Engineering Company Limited (PSEL), Pakistan Petroleum Limited (PPL), and Pakistan Oilfields Limited (POL) collectively accounted for a decline of -77 points.
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The total traded volume for the day stood at 246 million shares, with a total value of approximately Rs. 7.16 billion. Notably, WorldCall Telecom Limited (WTL) emerged as today’s volume leader with a trading volume of 41 million shares.
Market observers are cautiously optimistic about the recent performance of Pakistan’s equities market. The positive sentiment, coupled with the resilience exhibited during the trading week, provides hope for continued stability and growth in the near term.
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As the market heads into the new week, investors will be closely monitoring both domestic and international factors that could influence trading dynamics, including economic indicators and global market trends. The ability of the market to sustain its momentum and build on these gains will be a key point of interest for investors in the coming days.
