Karachi, March 26, 2024 – The Pakistan Stock Market witnessed a bullish trend on Tuesday as it soared to 65,906 points during a mixed trading session.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a significant gain of 381 points from the previous day’s closing of 65,525 points. Analysts at Topline Securities noted that the trading session concluded with the index reaching 65,906 points, reflecting a 0.58% increase.
Throughout the day, the market exhibited a mixed performance, with intraday highs and lows recorded at 65,990 and 65,493 points, respectively. Notably, sectors such as Fertilizer, Banking, and Cement contributed positively to the index’s gains. Companies including Fauji Fertilizer Company (FFC), Meezan Bank (MEBL), United Bank Limited (UBL), Lucky Cement (LUCK), and Engro Corporation (ENGRO) collectively added 305 points to the index. However, losses incurred by companies like Engro Fertilizers (EFERT), Bank Alfalah (BAFL), and MCB Bank Limited (MCB) offset some of the gains, amounting to a total loss of 51 points.
Trading activity remained robust, with over 303 million shares exchanged, valued at approximately Rs12 billion. Pakistan International Airlines (PIAA) dominated the volumes chart with the trading of over 30 million shares.
The surge in the stock market can be attributed to several factors, including positive investor sentiment, encouraging economic indicators, and expectations of policy stability. Investors continue to show confidence in the Pakistani market, driven by prospects of economic growth and stability.
The bullish trend in the stock market reflects optimism among investors, bolstered by favorable developments both domestically and internationally. As Pakistan’s economy continues to recover from the challenges posed by the COVID-19 pandemic and other external factors, the stock market remains a key barometer of the country’s economic health and investor confidence.
Moving forward, market analysts anticipate continued volatility in the stock market, influenced by global economic trends, geopolitical developments, and domestic policy decisions. However, the overall outlook remains positive, with investors poised to capitalize on opportunities for growth and value creation in Pakistan’s dynamic stock market.