Karachi, January 31, 2024 – The Pakistan stock market witnessed a resurgence on Wednesday, registering a gain of 137 points as buyers returned to the market.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 61,979 points, marking a notable recovery from the previous day’s closing at 61,842 points.
The recent sessions had seen the stock market facing a downturn, with four consecutive sessions in the red, largely attributed to foreign selling. However, the positive momentum on Wednesday signaled a shift in sentiment, with buyers reentering the market.
A total of 276,464,818 shares, valued at Rs 9.271 billion, were traded during the day, reflecting a decrease in both the volume and value of shares compared to the last trading day when 436,120,659 shares, valued at Rs.15.286 billion, were traded.
Among the 349 companies that transacted their shares in the stock market, 165 recorded gains, while 151 sustained losses. The share prices of 33 companies remained unchanged. This turnaround to a bullish trend brought relief to market participants and investors, indicating renewed confidence in the market.
The three top-trading companies on Wednesday were K-Electric Limited, transacting 36,273,372 shares at Rs.4.54 per share, Bank of Punjab with 20,853,316 shares at Rs.6.20 per share, and Hascol Petroleum Limited with 14,174,000 shares at Rs.7.91 per share.
Unilever Pakistan Foods Limited saw the most substantial increase in its share price, gaining Rs.1,551.83 to close at Rs.22,364.33. Sazgar Engineering Works Limited secured the second position, experiencing a Rs.13.48 rise in its share price, reaching Rs.211.19.
Conversely, Nestle Pakistan Limited witnessed the most significant decrease in its share price, dropping by Rs.100.00 to close at Rs.8,200.00. Colgate-Palmolive (Pakistan) Limited followed with a decline of Rs.40.33, closing at Rs.1,404.00.
The positive movement in the market is seen as a response to the return of buyers, indicating a more optimistic outlook among investors. The rebound in share prices and the overall gain in the index reflect the resilience and potential for recovery within the Pakistani stock market.
As the market continues to respond to various economic factors and global trends, investors will be closely watching for further developments. The recent rebound provides a glimmer of hope for market participants, suggesting a potential shift towards stability and growth in the upcoming sessions.
