Karachi, June 27, 2023: Pakistan stocks concluded the trading session on Tuesday with a modest gain of 16 points, just ahead of the Eid ul Azha holidays.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) settled at 41,453 points, edging up from the previous day’s closing level of 41,437 points.
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As the Eid ul Azha holidays are scheduled to commence from Wednesday, June 28, 2023, until June 30, 2023, today marked the last trading day of the week, prompting investors to make their final moves before the break.
Analysts from Arif Habib Limited observed that the short trading week concluded with a range-bound session at the PSX, where market activity was relatively subdued.
The trading day began with the benchmark KSE-100 index opening on a negative note, primarily influenced by the recent decision of the State Bank of Pakistan (SBP) to raise interest rates by 100 basis points (bps) in a last-ditch Monetary Policy Committee (MPC) meeting. This step was taken as an effort to resume the stalled International Monetary Fund (IMF) program.
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Throughout the majority of the day, the market trended in the red zone, facing downward pressure. However, during the latter part of the session, investors opted to add value to their portfolios, leading to a recovery that pushed the market into positive territory by the closing bell.
Despite the initial struggles, trading volumes remained healthy, showcasing the continued interest of market participants. Volumes saw an increase from 226.85 million shares to 234.7 million shares, representing a 3.5 percent day-on-day (DoD) rise. Additionally, the average traded value also climbed by 7.0 percent to USD 26.2 million compared to USD 24.6 million.
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Several sectors played a role in driving the market’s performance, with notable contributions from Commercial Banks (+120.1 points), Power Generation & Distribution (+9.7 points), Tobacco (+9.7 points), Engineering (+9.4 points), and Inv. Banks / Inv. Cos. / Securities Cos. (+5.9 points).
Among the stocks traded, those that significantly impacted the trading volumes were BIPL, WTL, OGDC, PIBTL, and KEL.
With the start of the Eid ul Azha holidays, market participants will have an extended break to assess market developments and potentially plan their strategies for the next trading week.
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Disclaimer: The above article is based on the latest information available at the time of writing. The stock market is subject to fluctuations, and the mentioned figures and trends might change as new information becomes available.
