Pakistan Stock Market Begins October 2023 on a Positive Note

Karachi, October 2, 2023 – The Pakistan stock market commenced the month of October 2023 with a strong and positive performance, gaining 394 points.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,627 points, up from its previous closing level of 46,233 points on September 28, 2023.

Market analysts from Topline Securities reported that Pakistan’s equities experienced a day of positivity in terms of both market momentum and trading volumes. The KSE-100 index opened the month on a positive note, maintaining its “Green” status throughout the trading session and ultimately settling the day at 46,627 points, reflecting a gain of 395 points or an increase of 0.85%.

The rally observed in the market can be attributed to renewed buying interest in the Technology sector. Systems Ltd, in particular, stood out as the stock of the day due to its attractive price level, which ranged between Rs395 and Rs396. The stock gained Rs15.97, representing a substantial increase of 4.06%.

Additionally, ENGRO Corp’s recent announcement regarding an in-principle understanding with a potential acquirer for the divestment of selective thermal energy assets captured the attention of investors.

Furthermore, expectations of gas price hikes to fulfill International Monetary Fund (IMF) conditions and the decline in international oil prices kept the Exploration & Production (E&P) and Oil Marketing Companies (OMC) sectors in the limelight during the trading session.

As a result of these factors, stocks like SYS (Systems Ltd), ENGRO, OGDC (Oil and Gas Development Company Limited), POL (Pakistan Oilfields Limited), and PPL (Pakistan Petroleum Limited) collectively added 245 points to the index. However, some profit-taking was observed in stocks like BAFL (Bank Alfalah Limited), HBL (Habib Bank Limited), and FFC (Fauji Fertilizer Company), which collectively saw a decline of 31 points.

Trading activity was robust, with over 202 million shares changing hands at the exchange, representing a 14% increase compared to the previous trading day. The total trading value reached Rs 7.4 billion, marking a 7% increase over the previous session. WTL (WorldCall Telecom Limited) led the volumes chart with over 44.8 million shares traded.

The positive start to October 2023 reflects investor confidence in Pakistan’s stock market and the country’s economic prospects.