Karachi, November 28, 2023 – Pakistan equities witnessed another historic milestone on Tuesday as the bullish rampage continued, propelling the benchmark KSE-100 index to an impressive 60,730 points.
The benchmark index of Pakistan Stock Exchange (PSX) recorded a substantial gain of 919 points, showcasing the market’s robust performance compared to the previous day’s closing figure of 59,811 points.
Analysts from Topline Securities Limited commented on the extraordinary momentum in Pakistan’s equities, noting that the bullish rampage appears relentless, with no apparent hurdles, whether psychological or technical, hindering the upward trajectory. The market seems to be in a phase where bulls dominate, showing no signs of succumbing to resistance levels.
The analysts pointed out that the break between the closing and opening bells serves as a brief respite for the bulls, and today was no exception. As soon as the opening bell rang, bulls took charge across the Pakistan Stock Exchange (PSX), asserting their dominance. Investors actively engaged in trading, strategically selecting stocks from the banking, energy, cement, and fertilizer sectors.
Key contributors to the day’s positive performance included UBL (United Bank Limited), MCB (Muslim Commercial Bank), HBL (Habib Bank Limited), HUBC (Hub Power Company), and LUCK (Lucky Cement), collectively adding 589 points to the index. However, some profit-taking was observed in stocks like SYS (Systems Limited), MARI (Mari Petroleum), and GHGL (Ghani Global Holdings), resulting in a cumulative loss of 78 points.
The day’s trading activity was marked by significant volume and value. A staggering 778 million shares were traded on the bourse, with a total value of Rs26 billion. Notably, Worldcall Telecom Limited (WTL) led the volumes chart with the trading of over 57.4 million shares, highlighting the investor interest and liquidity in the market.
The continued bullish trend reflects investor confidence in the Pakistani equities market, driven by positive economic indicators, corporate performance, and potential growth opportunities. The banking and energy sectors, in particular, have been instrumental in driving the market higher, supported by strategic investor decisions and favorable market conditions.
Market participants are closely monitoring these developments, recognizing the significance of the equities market’s role in the overall economic landscape. As the bullish momentum persists, investors remain optimistic, though mindful of potential market corrections. The robust trading activity and record-breaking milestones underscore the resilience and dynamism of Pakistan’s equities market in the face of evolving global and domestic economic conditions.
