Karachi, November 30, 2023 – The Pakistan stock market witnessed an increase of 29 points on Thursday, attributed to profit-taking activities throughout the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 60,531 points, marking an increase from the previous day’s closing at 60,502 points.
Analysts from Ismail Iqbal Securities reported that the stock market experienced profit-taking activities after reaching an intraday high of 60,900 points. Meanwhile, analysts at Topline Securities noted that the KSE-100 Index commenced on a positive note, achieving an intraday high of 480 points. However, skeptical investors entered the market to capitalize on their gains, leading to a final settlement at 60,531 points—an upward shift of 0.05%.
In today’s trading session, the MSCI Semi-Annual rebalance took place. As a reminder, the MSCI semiannual review, announced earlier in the month, revealed no additions or deletions to the main MSCI Frontier Index. However, in its small-cap index, AGHA, AGP, PSMC, and SAZEW were added, while FABL, KOHC, MLCF, and SHEL were removed.
The major positive contributions to the index were observed from MTL, LUCK, HUBC, FFBL, and SYS, collectively adding 311 points. On the flip side, MCB, ENGRO, UBL, TRG, and MARI experienced losses, weighing down the index by 254 points.
The average traded volume and value for the day stood at 467 million shares and Rs. 18.7 billion, respectively. FFL led the day’s trading volume with 34.5 million shares.
Market analysts suggest that the profit-taking activity and fluctuations in the index are reflective of the current market dynamics. The MSCI rebalance played a role in reshaping the market composition, with additions and deletions in the small-cap index influencing investor sentiment.
While the market continues to navigate through profit-taking phases, the positive contributions from key stocks and the overall trading volume indicate resilience and continued investor interest. As the market adapts to the changing landscape, analysts advise vigilance and a strategic approach for investors to make informed decisions in the evolving market conditions.
