Karachi, February 1, 2024 – In a spectacular display of resilience and upward momentum, the Pakistan stock market witnessed a robust surge of 415 points on Thursday, reinforcing the country’s economic optimism and investor confidence.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) concluded the trading session at an impressive 62,394 points, marking a substantial gain from the previous day’s closing figure of 61,979 points.
Analysts from Topline Securities provided insights into the market dynamics, noting that the bullish trend continued from the preceding day. However, the day began on a somewhat negative note as the KSE-100 index experienced an intraday low at 61,765 levels, shedding 215 points. In a remarkable turnaround, value hunters seized the opportunity during the market downturn, engaging in strategic cherry-picking activities that propelled the benchmark index to close the day at 62,394 points. The market’s resilience was further highlighted by an intraday high of 62,480 points, showcasing a notable gain of 501 points.
During the day’s trading session, key contributors to the market surge included OGDC, MEBL, MARI, PPL, and ENGRO, collectively contributing positively with a gain of 360 points. On the flip side, PAKT, EFERT, and BAHL experienced some selling interest, resulting in a collective loss of 85 points. This dichotomy in performances reflects the dynamic nature of the market, with certain sectors witnessing heightened demand and others facing sporadic bouts of profit-taking.
The trading activity at the Pakistan Stock Exchange remained vibrant, with over 270 million shares changing hands during the day. The total traded value reached an impressive Rs11.6 billion, underscoring the depth and liquidity of the market. K-Electric Limited (KEL) emerged as the volume leader, with a significant trading volume exceeding 33.9 million shares, further contributing to the day’s buoyant market activity.
Market observers attribute the positive momentum to a combination of favorable economic indicators, corporate performance, and investor sentiment. The continued influx of investments, both domestic and foreign, has propelled the market to new heights, instilling confidence in the stability and growth prospects of Pakistan’s economy.
As the stock market continues to serve as a barometer of economic health, the recent surge signifies a collective belief in the nation’s economic trajectory. Investors remain optimistic, hoping that this bullish trend will not only persist but also contribute to the sustained growth and prosperity of Pakistan’s financial landscape. The Pakistan Stock Exchange’s stellar performance on this trading day further cements its position as a key player in the region, attracting attention from both local and international investors.
