Karachi, June 20, 2023: Pakistan stocks ended the trading session on Tuesday with a slight increase, despite prevailing uncertainty surrounding the loan program of the International Monetary Fund (IMF).
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 40,653 points, indicating a gain of 32 points compared to the previous day’s closing of 40,621 points.
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During the day, market analysts at Arif Habib Limited reported a range-bound session at the PSX. The market opened on a positive note but witnessed fluctuations due to ongoing negotiations between the government and the IMF for the 9th review of the Extended Fund Facility. Investors, however, chose to remain invested in the Exploration and Production (E&P) sector, which ultimately helped the market close in the positive zone.
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The overall market activity remained subdued, reflecting the economic situation of the country. Trading volumes remained low, with third-tier equities leading the volume board. Various sectors contributed to the market’s performance, including E&P’s (+61.2 points), Oil Marketing Companies (OMCs) (+28.5 points), Technology & Communication (+21.6 points), Power Generation & Distribution (+16.6 points), and Investment Banks/Companies/Securities Companies (+12.3 points).
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The trading volume decreased from 179.8 million shares to 124.9 million shares, representing a decline of 30.6 percent compared to the previous day. Similarly, the average traded value decreased by 28.0 percent to USD 14.1 million, compared to USD 19.4 million previously.
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Notable stocks that significantly contributed to the trading volumes were KEL, WTL, HASCOL, CNERGY, and PPL.
Despite the prevailing uncertainty surrounding the IMF loan program, Pakistan’s stock market managed to close on a positive note, driven by selective investments in the E&P sector. The market’s overall performance remained sideways, reflecting the cautious sentiment influenced by the country’s economic conditions.
