The Pakistan stock market experienced a notable upswing on Tuesday, as the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged by 796.10 points, extending the positive trading momentum.
Closing at an impressive 63,799.01 points, the market showcased a remarkable increase compared to the previous day’s closing figure of 63,002.91 points, representing a notable gain of 1.26 percent. This surge in the index not only reflects investor confidence but also indicates a significant bullish sentiment prevailing in the market.
According to analysts at Topline Securities Limited, the KSE-100 index maintained its upward momentum from the preceding week, hitting an intraday high of 882.18 points before settling at the 63,799.01 level, reflecting a remarkable gain of 796.10 points. This surge in the index indicates a robust investor sentiment and positive market outlook.
Within the E&P sector, notable gains were observed in OGDC and PPL, with increases of 5.71 percent and 5.39 percent respectively. These gains were primarily fueled by reports of discussions between the caretaker government and the International Monetary Fund (IMF) regarding the resolution of gas circular debt, which is estimated to be around Rs1.2 trillion. The positive news surrounding these discussions contributed to the bullish sentiment in the E&P sector.
In the banking sector, MCB disclosed its financial year 2023 results, revealing an Earnings Per Share (EPS) of PKR 50.32 and a cash dividend of PKR 9.0 per share. Despite a modest gain of 0.94 percent in its share price, MCB’s strong financial performance positively impacted investor sentiment in the banking sector, adding to the overall market optimism.
Additionally, activity in the cement sector drew attention, with companies such as DGKC, LUCK, and CHCC experiencing gains. DGKC recorded a rise of 2.64 percent, LUCK saw an increase of 1.08 percent, and CHCC witnessed a rise of 1.05 percent. These gains were partly attributed to the decrease in international coal prices to $94 per ton, which resulted in reduced input costs for cement manufacturers.
The trading session on Tuesday was characterized by robust activity, with over 330 million shares exchanged, amounting to a total value of Rs15 billion. PIAA led the volumes chart with over 47 million shares traded, indicating significant market participation and interest.
The surge in the Pakistan stock market, exemplified by the substantial gain in the KSE-100 index, underscores the resilience and strength of the market. The positive performance across various sectors, coupled with robust investor participation, reflects a promising outlook for the Pakistani stock market in the days ahead.
