Karachi, June 5, 2023 – Pakistan stocks kicked off the week on a positive note, with optimistic sentiments prevailing throughout the day.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 41,668 points, marking an increase of 315 points from last Friday’s closing of 41,353 points.
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Analysts at Arif Habib Limited reported a positive session at the PSX to begin the week. The market opened with a favorable outlook, driven by whispers of positive advancements on budgetary reforms for the financial year. Investor participation remained active across the board, with particular attention on the Oil Marketing Companies (OMCs) and Exploration & Production (E&P) sectors.
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The market performance was bolstered by several sectors, including E&P’s (+175.0 points), OMCs (+77.5 points), Power Generation & Distribution (+30.2 points), Technology & Communication (+19.0 points), and Chemical (+17.4 points).
Trading volumes experienced a significant increase, surging from 99.5 million shares to 145.2 million shares (+45.8% DoD). The average traded value also saw a substantial rise of 41.2%, reaching USD 16.5 million compared to USD 11.7 million.
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Notable stocks that contributed significantly to the trading volumes were WTL, SNGP, PPL, OGDC, and PRL.
The positive start to the week at the PSX reflects the prevailing optimism among investors. The whispers of favorable budgetary reforms and active participation across sectors have contributed to the market’s upward momentum. As trading volumes and average traded values continue to rise, market participants will closely monitor these developments for potential opportunities.
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