Karachi, November 23, 2023 – The Pakistan stock market witnessed another remarkable day of a bull run on Thursday, reaching an unprecedented high at 58,900 points.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged by a massive 701 points from the previous day’s closing, marking an impressive ascent in investor confidence and market performance.
Analysts at Topline Securities reported that this marks yet another day of a new all-time high closing, showcasing the unstoppable bull run in Pakistan equities. The KSE-100 index demonstrated a substantial gain of 701 points, reflecting a 1.20 percent increase, and concluded the day at the historic level of 58,900.
The day kicked off on a buoyant note, and the market sustained robust momentum throughout the trading hours. Market participants strategically adjusted their positions by booking profits in energy sector stocks, including OGDC, PPL, HUBC, and PSO. This move was in response to the decline in international oil prices attributed to higher-than-expected US inventory levels reported the previous day.
Consequently, Technology and Banking sector stocks such as MEBL, SYS, TRG, HMB, and BAFL experienced increased investor interest, with a notable uptick in buying activity. Investors showed renewed enthusiasm in these sectors, contributing to the overall positive sentiment in the market.
The Pakistan Stock Exchange saw an active trading day, with over 668 million shares changing hands, and the total value of trades amounting to Rs25.2 billion. Worth highlighting is the significant contribution of WTL to the day’s trading volumes, leading the chart with the trading of over 40.2 million shares.
The impressive performance of the stock market is indicative of the resilience and optimism among investors, who continue to engage actively in the equity market. The strategic reallocation of investments, particularly in response to global economic factors such as fluctuating oil prices, showcases the adaptability of market participants to changing conditions.
As the bull run persists, market analysts anticipate sustained investor confidence, emphasizing the importance of staying vigilant amidst the dynamic market environment. The record-breaking surge to 58,900 points signifies a new milestone for the Pakistan stock market, underlining its position as a key player in the region’s financial landscape.
