Karachi, October 13, 2023 – The Pakistan equity market saw a significant upswing on Friday, gaining 721 points as investors expressed optimism about the upcoming financial results.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged to 49,493 points from the previous day’s closing at 48,772 points.
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Analysts from Topline Securities Limited noted that the KSE 100 Index extended its gains, rising by 1.48% to close at the 49,493 level. This notable increase can be attributed to investor optimism surrounding the ongoing results session, where expectations are high for positive corporate announcements and payouts.
One of the key drivers behind this surge was the Pakistan Suzuki Motor Company (PSMC), which closed at its upper circuit. The announcement of a board meeting scheduled for October 19, 2023, to consider the purchase of all outstanding shares and to delist from the exchange further bolstered investor confidence. This move highlighted the attractive valuation on offer in the market.
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The index received a major positive boost from companies like Pakistan Petroleum Limited (PPL), Meezan Bank (MEBL), Millat Tractors Limited (MTL), Habib Bank Limited (HBL), and United Bank Limited (UBL), collectively contributing 239 points to the overall gain. On the other hand, some companies, including TRG Pakistan, Engro Fertilizers (EFERT), National Refinery Limited (NRL), Fauji Fertilizer Company (FFC), and Kot Addu Power Company (KAPCO), experienced a decline in value, which had a negative impact on the index by -73 points.
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Trading activity also witnessed a notable increase, with the traded volume and value for the day standing at 551 million shares (up by 61% Day-on-Day) and Rs. 15.44 billion (up by 32% Day-on-Day), respectively. K-Electric Limited (KEL) once again led the volume at the exchange, with 135 million shares of the power utility being traded during the trading session.
The surge in the equity market reflects a positive sentiment among investors, driven by their expectations of favorable corporate results and strategic moves by companies like PSMC. As Pakistan’s equity market continues to show resilience, it remains an area of interest for investors and analysts, eager to observe how these trends will shape the country’s economic landscape in the coming days.
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