Karachi, October 3, 2023 – The Pakistan stock market continued its positive momentum on Tuesday, extending gains from the previous trading session and ultimately closing up by 130 points in a day of mixed trading.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) displayed resilience, ending the day at 45,757 points, compared to the previous day’s closing figure of 46,627 points.
According to research analysts at Topline Securities, the Pakistan Equities closed the session at 46,757 points, reflecting a 130-point increase or a 0.28 percent rise. Despite encountering a range of economic indicators, the index managed to maintain its upward trajectory, demonstrating the market’s underlying strength.
In addition to the positive performance in the stock market, the Pakistani Rupee (PKR) continued its upward trend, appreciating by an additional Rs1.04 in value against the US Dollar. This currency movement suggests increased stability and confidence in the local financial markets.
The day’s trading saw several sectors contributing to the market’s gains, with notable performances in the banking, fertilizer, and cement sectors. Prominent companies like ENGRO, EFERT, MCB, BAHL, and LUCK made a positive contribution, collectively adding 138 points to the index. However, some sectors, including OGDC, SYS, and DAWH, experienced losses, totaling 61 points.
In terms of trading volumes, WTL (Worldcall Telecom Limited) led the chart with an impressive 60 million shares traded. The overall market recorded substantial volumes, with a total of 6.9 million shares traded and a value of Rs 213 billion.
The positive sentiment in the Pakistan stock market suggests that investors are cautiously optimistic about the economic outlook and market conditions. The market’s ability to weather a mix of economic indicators and sustain its upward momentum underscores the resilience of Pakistan’s financial markets.
As market participants closely monitor developments both domestically and internationally, it will be interesting to see how these factors continue to influence trading patterns and investor sentiment in the coming days.
