Karachi, May 7, 2024 – The Pakistan Stock Exchange (PSX) concluded Tuesday’s trading session with marginal losses, as initial gains were erased by profit-taking, leading to mixed sentiments among investors.
The benchmark KSE-100 index of Pakistan Stock Exchange slightly dipped, closing the day at 72,261 points, down from the previous session’s close of 72,764 points.
The trading day began with optimism as the KSE-100 index of Pakistan stock market surged to an intraday high of 73,260, reflecting a gain of 496 points or 0.68 percent. This buoyant start was attributed to the continuation of the previous day’s positive momentum. However, the upward trend was short-lived as selling pressure took over, causing the index to reverse its gains and end almost flat, showing a minor decrease of 3 points or a 0.01 percent decline.
Market analysts from Topline Securities Limited remarked on the day’s trading activity, noting the volatility and mixed investor behavior. “The market initially picked up from where it left yesterday, but as the day progressed, we saw profit booking which led the market to give up its earlier gains and close nearly unchanged,” they commented.
The sectors contributing positively included Fertilizers, Power, Pharmaceuticals, and Cable, with notable performances from stocks such as Dawood Hercules (DAWH), Hub Power Company (HUBC), Kot Addu Power Company (KAPCO), Highnoon Laboratories (HINOON), and Pak Elektron (PAEL). Together, these stocks added 286 points to the index.
Conversely, the Oil and Gas sector faced some headwinds as Pakistan Petroleum Limited (PPL), Engro Fertilizers (EFERT), and Oil and Gas Development Company (OGDC) saw declines, collectively shedding 158 points off the index due to profit-taking in these heavyweights.
The trading volume for the day was robust, with over 621 million shares changing hands. The total trading value was reported at Rs 24.9 billion, highlighting significant market activity. Pak Elektron led the volume chart, with approximately 64 million shares traded, indicating strong investor interest in this particular stock.
This mixed trading session reflects the ongoing cautious optimism in the market, juxtaposed with the vigilance of investors who are quick to book profits amid prevailing uncertainties. As Pakistan’s economic landscape continues to present challenges, including fluctuating global commodity prices and domestic fiscal concerns, the stock market remains a focal point for both local and international investors trying to gauge the country’s economic pulse.
As the market continues to navigate through these complex dynamics, stakeholders remain watchful of any domestic or global events that could influence market directions in the sessions to come.
