Karachi, October 16, 2023 – Pakistan stock market made a strong start to the week on Monday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gaining 238 points to close at 49,731 points, up from the previous Friday’s closing level of 49,493 points.
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Analysts at Topline Securities Limited reported that the market surged by 426 points in the first five minutes of trading, reaching 49,919. However, as the index neared the significant 50,000 mark, some investors chose to lock in profits.
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This led to a brief dip to an intraday low of 49,317, resulting in a loss of 175.88 points. Ultimately, the market rebounded, closing at 49,731, marking a gain of 237 points, or a 0.48% increase.
The positive momentum in the market was primarily driven by the banking, technology, and cement sectors. Stocks such as TRG, PSEL, THALL, MLCF, and MCB collectively contributed 143 points to the overall increase. In contrast, ENGRO, UBL, and LUCK collectively accounted for a loss of 48 points.
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The stock with the highest trading volume for the day was KEL, with 98 million shares changing hands. Overall, the market witnessed a trading volume of 467 million shares valued at Rs 14 billion.
This strong start to the week reflects the continued resilience and positive sentiment in Pakistan’s equity market. Investors appear to be encouraged by various factors, including the recent rally of the Pakistani Rupee (PKR) against the US dollar and the country’s improving economic conditions.
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