Karachi, May 20, 2024 – The Pakistan stock market ended Monday on a down note, shedding 258 points in a mixed trading session. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 75,084 points, down from last Friday’s close of 75,342 points.
Analysts at Topline Securities described the day’s trading as one of consolidation. The KSE-100 index exhibited volatility, reaching an intraday high of 75,618 points, a gain of 276 points, before plummeting to an intraday low of 74,734 points, a drop of 608 points. Profit-taking was observed at these levels, resulting in the index settling at 75,084 points, a decline of 0.34%.
Key sectors such as Fertilizer, Banking, and Information Technology contributed positively to the index. Prominent stocks like Systems Limited (SYS), Meezan Bank (MEBL), TRG Pakistan, and Fauji Fertilizer Bin Qasim Limited (FFBL) collectively added 122 points. However, the gains were offset by losses in major stocks such as Engro Corporation (ENGRO), MCB Bank (MCB), and Habib Bank Limited (HBL), which collectively lost 143 points.
The market saw robust activity with over 375 million shares traded, totaling a value of Rs16.2 billion. Among the most active stocks, Hum Network Limited (HUMNL) led the volumes chart with just over 31 million shares traded.
Market participants noted that the mixed session was characterized by uncertainty amid profit-taking and sectoral shifts. Investors appeared to be adjusting their portfolios, taking advantage of the recent gains in certain stocks while locking in profits in others. The fluctuation within the trading day underscores the cautious sentiment prevailing in the market as investors navigate through the current economic landscape.
The Fertilizer sector showed resilience, buoyed by positive developments and expectations of favorable policies. The Banking sector also saw gains, particularly in Islamic banking, which has been gaining traction among investors. The IT sector continued to draw interest due to its growth potential and recent strong performances by key companies.
Conversely, the losses in the blue-chip stocks such as ENGRO, MCB, and HBL weighed heavily on the index. These sectors faced selling pressure as investors booked profits after recent rallies.
While the Pakistan stock market experienced a decline of 258 points in Monday’s session, the trading day was marked by significant volatility and mixed sentiments. Positive contributions from certain sectors were counterbalanced by profit-taking in others, reflecting a market in a state of flux. The overall trading volume and value indicate a continued high level of investor engagement, pointing to a market that, despite its fluctuations, remains vibrant and active.