Karachi, August 23, 2023 – In a fierce battle between bears and bulls, Pakistan stock market ended the day on a flat note.
The benchmark KSE-100 index, representing the Pakistan Stock Exchange (PSX), closed at 47,419 points, just a single point higher than the previous day’s closing at 47,418 points.
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Market experts and analysts closely monitored the tug of war between the bearish and bullish sentiments throughout the trading session. Muhammad Naeem Akhtar, Capital Market Strategist at Zafar Securities, remarked that the market flirted with the positive boundary line as the closing bell rang, marking the end of a trading day filled with ups and downs. During the session, the index touched an intraday low of 47,007 points, witnessing a 410-point decline.
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Akhtar went on to explain that the KSE-100 index displayed resilience as it bounced back after briefly breaking below the 25EMA support level of 47,136 points. It managed to close in positive territory, erasing all intraday losses of approximately 410 points, ultimately leaving behind a long tail. The immediate resistance for the index is expected to be around 47,801 points, marked by the 10EMA.
Market activity for the day saw a 15.1 percent decline in overall trading volume, with 352.2 million shares traded, valued at 14.4 billion rupees. This was in contrast to the previous day, which recorded 414.8 million shares traded, worth 15.2 billion rupees.
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In unrelated economic news, the US dollar surged to an unprecedented level of over 300 rupees in the interbank market, marking a historic milestone.
Out of the 320 actively traded stocks, 181 witnessed declines, 112 advanced, and 27 remained unchanged. Notable trading volumes were observed in WTL, OGDC, JSBL, DFML, and PPL, with 20.1 million, 16 million, 12.2 million, 9.9 million, and 8.8 million shares traded, respectively.
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As the bear and bull continue their ongoing struggle for control, investors and analysts remain vigilant, ready to adapt to the ever-changing dynamics of the Pakistani stock market.
