Karachi, October 10, 2023 – The Pakistan stock market sustained its bullish trend for the seventh consecutive day on Tuesday, with the benchmark KSE-100 index gaining 418 points to close at 48,140 points.
The positive momentum in the market was driven by the banking, fertilizer, and refinery sectors, with MEBL, FFC, ATRL, UBL, and BAHL contributing a total of 153 points to the index. Conversely, NESTLE, MTL, and COLG collectively incurred a loss of 30 points.
READ MORE: KSE-100 Index Gains 228 Points Despite Early Day Selling
KEL led in terms of trading volume today, with 33.8 million shares changing hands. Overall, the market saw a total trading volume of 349 million shares and a value of Rs 10.7 billion.
Analysts attributed the bullish trend in the stock market to a number of factors, including:
Positive economic outlook: The Pakistani economy is expected to grow by 5% in FY24, according to the World Bank. This is driven by strong growth in the agriculture, industrial, and services sectors.
READ MORE: Pakistan Stock Market Anticipates Positive Momentum for Upcoming Week
Improving business confidence: Business confidence in Pakistan has improved significantly in recent months, as evidenced by the State Bank of Pakistan’s Business Confidence Index. This is due to a number of factors, including the government’s focus on improving the business environment and the implementation of pro-business policies.
Attractive valuations: Pakistani stocks are currently trading at attractive valuations, making them attractive to both domestic and foreign investors.
READ MORE: Pakistan Equities Make Nominal Gain on Last Weekly Trading Session
Foreign investment inflows: Foreign investment inflows into Pakistan have increased significantly in recent months. This is due to a number of factors, including the country’s improving economic outlook and the government’s efforts to attract foreign investment.
The bullish trend in the stock market is expected to continue in the coming weeks and months, as the factors mentioned above remain supportive. However, investors should be aware of the risks involved in investing in the stock market, such as volatility and the potential for losses.
