Karachi, November 20, 2023 – The Pakistan stock market eked out gains on Monday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closing at 57,078 points, a modest increase of 15 points from last Friday’s closing at 57,063 points.
Analysts at Ismail Iqbal Securities Pvt. Limited noted that the market experienced volatility during the trading session but ultimately closed on a positive note. The prevailing market dynamics are attributed to the commencement of the rollover week, according to the analysts.
Pakistan Equities witnessed an intriguing day, with bullish and bearish forces grappling for control throughout the session. Ultimately, the Bulls prevailed, allowing the KSE-100 index to retain the 57,000 level, commented analysts at Topline Securities.
The analysts further explained that the day’s market behavior can be linked to the initiation of the NOV-Future Contract Roll over week. During this week, over Rs18 billion worth of positions are expected to be rolled over by Friday. This activity may act as a factor to keep the recent Bull Run in check for the next few sessions. Additionally, the market was influenced by a more than 4 percent rally in international oil prices over the previous Friday evening, which exerted pressure on the strong momentum of cyclical stocks during the trading hours.
Trading volumes experienced a slight dip, totaling 315 million shares for the day compared to the previous session’s 363 million shares.
The KSE-100 index closed with a gain of 15 points, reaching the 57,078 level, marking a 0.03 percent increase on a day-on-day basis.
Major contributors to today’s positive session were commercial banks, pharmaceuticals, and fertilizer sectors, collectively adding 124 points to the index.
While the market navigates the uncertainties brought about by the rollover week and external factors like oil price fluctuations, investors remain vigilant for potential opportunities in the coming sessions.
