Karachi, November 15, 2023 – The Pakistan Stock Market experienced a modest upswing on Wednesday, gaining 14 points in a mixed trading session.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 56,680 points, showing a marginal increase from the previous day’s closing figure of 56,666 points.
Analysts at Topline Securities Limited reported that the day saw a blend of market dynamics, with mixed price action characterizing the trading session. The market began the day on a positive note but encountered selling pressures shortly after opening. This downturn was attributed to the unexpected outcome of the MSCI Equity Indexes November 2023 Review, released the previous night. The review revealed a 24 basis points reduction in Pakistan’s weight in the MSCI Frontier Index, contrary to street expectations for an improvement in the country’s standing in the index.
In response to this news, the KSE 100 index experienced an intraday low at 56,433 points, marking a 233-point decrease or a 0.41 percent decline. However, a subsequent Bloomberg report indicating that Pakistan’s ongoing review would be concluded later in the week rejuvenated buying momentum. Consequently, the market closed on a relatively flat note, ending the day at 56,680 points, reflecting a modest gain of 14 points or 0.02 percent.
During the trading hours, positive contributions to the market were made by the OMC (Oil Marketing Companies), E&P (Exploration & Production), Food, and Refinery sectors. Stocks from PSO, OGDC, PPL, UNITY, and ATRL collectively added 225 points to the index. On the flip side, some stocks, including HUBC, BAHL, and MTL, experienced profit-taking, resulting in a combined loss of 180 points.
The trading session witnessed a significant volume of activity, with over 660 million shares changing hands at the bourse. The total value of trades amounted to Rs24.3 billion. Notably, World Telecom Limited (WTL) led the volumes chart, with the trading of over 70.2 million shares.
Market participants remain attentive to developments surrounding the ongoing review, and the outcome is expected to influence future market sentiment. Investors are closely monitoring both domestic and international factors, as they continue to assess the potential impact on the Pakistan Stock Market in the coming days.