Karachi, March 20, 2024 – Pakistan equities surged on Wednesday, gaining 229 points, propelled by an upsurge in investor confidence in the stock market.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) maintained its bullish trajectory for the third consecutive day, closing at 65,731.79 points. This marked a notable increase of 229.20 points or 0.34 percent compared to the previous trading day’s closing of 65,502.60 points.
A total of 341,843,546 shares, valued at Rs.11.844 billion, exchanged hands during the trading session, reflecting robust activity in the market. Despite a lower value traded compared to the previous day’s Rs.17.059 billion, the increased volume of shares signifies heightened investor participation and interest in the stock market.
Among the 342 companies transacting their shares, 173 recorded gains, while 146 sustained losses. The share prices of 23 companies remained unchanged, indicating a diverse performance across various sectors.
The top three trading companies by volume were Bank of Punjab XD, with 45,010,786 shares traded at Rs.5.28 per share, followed by WorldCall Telecom, with 34,431,573 shares traded at Rs.1.36 per share, and The Organic Meat, with 17,997,500 shares traded at Rs.28.97 per share.
Nestle Pakistan Limited emerged as the biggest gainer, witnessing a significant increase of Rs.90.00 per share, closing at Rs.7,510.00. Philip Morris (Pakistan) Limited followed closely, with its share price rising by Rs.39.89 to reach Rs.749.99.
However, Rafhan Maize Products Company Limited experienced the most significant decline, with its share price plummeting by Rs.424.49 to close at Rs.8,575.01. Siemens (Pakistan) Engineering also witnessed a decline, with its share price dropping by Rs.14.43 to close at Rs.582.01.
The surge in Pakistan’s equities market reflects the growing confidence of investors in the country’s economic prospects. Positive developments in various sectors, coupled with government initiatives aimed at promoting investment and economic growth, have contributed to the optimism among market participants.
Furthermore, the sustained bullish trend in the stock market underscores the resilience and stability of Pakistan’s financial sector, despite challenges posed by global economic uncertainties and geopolitical tensions.
As investors continue to monitor market dynamics and assess investment opportunities, the performance of Pakistan’s equities market is expected to remain influenced by both domestic and international factors. With prudent investment strategies and effective risk management, stakeholders aim to capitalize on emerging opportunities and contribute to the long-term growth and development of Pakistan’s economy.
