Karachi, April 2, 2024 – The Pakistan stock market closed on a positive note on Tuesday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gaining 90 points amid profit-taking observed during the day’s trading session.
The index concluded at 66,886 points, showing a slight increase from the previous day’s closing of 66,796 points.
Analysts at Topline Securities Limited reported that Pakistan equities started the day positively, with the KSE-100 index reaching an intraday high just below 67,000 at 66,960 points, marking a gain of 163 points or 0.24 percent in the morning session.
However, profit-taking activities emerged during the day’s high, preventing the benchmark index from crossing the 67,000 mark. As a result, the market closed at 66,886 points, with a gain of 90 points or 0.13 percent.
The observed market behavior is attributed to investors adopting a cautious stance ahead of Eid holidays scheduled for the next week and the absence of significant triggers influencing market direction. Despite yesterday’s Consumer Price Index (CPI) of 20.68 percent, which marked the lowest inflation number in 21 months, down from a peak of 37.97 percent in May 2023, investor interest remained subdued.
Positive and negative contributors to the day’s trading included DAWH, SYS, FFC, MCB, BAFL, HUBC, PPL, EFERT, PAKT, and MARI, with gains and losses of 202 and 110 points, respectively.
Trading activity at the PSX remained active, with over 239.4 million shares exchanged during the trading session, amounting to a total value of Rs 8.9 billion. WTL led the volumes chart with the trading of over 32.3 million shares.
Despite the profit-taking observed during the day, market participants remain optimistic about the overall outlook of the Pakistan stock market. Factors such as improving economic indicators, including declining inflation rates and stable economic policies, continue to instill confidence among investors. However, the upcoming Eid holidays and the need for significant triggers to drive market direction are expected to influence investor sentiment in the coming sessions.
