Karachi, August 19, 2024 – Pakistan stock experienced a volatile trading session on Monday, with the benchmark KSE-100 index closing down by 215 points. The index ended the day at 77,830 points, a decline from last Friday’s close of 78,045 points.
Analysts at Topline Securities noted that the trading session at Pakistan stocks was marked by a tussle between bullish and bearish forces, with the latter eventually prevailing. The KSE-100 index, which had opened on a positive note, quickly succumbed to profit-taking by investors, leading to a downturn. The index reached an intraday low of 77,566 points, a significant drop of 478 points during the day.
Despite the overall decline at Pakistan stocks, several scrips contributed positively to the index. BAHL, FFC, HUBC, PPL, and SRVI collectively added 173 points, offering some support amid the broader market weakness. However, this was outweighed by profit-taking in key stocks like MARI, MTL, LUCK, and MCB, which collectively wiped out 194 points from the index.
Trading activity at Pakistan stocks remained strong throughout the session, with over 470 million shares exchanging hands. The total trading value amounted to Rs 16.9 billion, reflecting continued investor interest despite the market’s volatility. YOUW led the volume chart, with more than 134 million shares traded, indicating robust activity in this particular stock.
Market participants observed that the volatility was largely driven by mixed sentiment among investors. While some were buoyed by positive corporate earnings reports and stable macroeconomic indicators, others opted to lock in profits, leading to the sharp swings observed throughout the day.
Looking ahead, analysts anticipate that the Pakistan stocks may continue to experience choppy trading sessions as investors weigh the potential impacts of global economic conditions and domestic policy developments. The key support level for the KSE-100 index is expected to be around the 77,500-point mark, with resistance seen at 78,500 points.
The overall sentiment remains cautious at the Pakistan stocks, with investors likely to keep a close eye on economic data and corporate earnings in the coming days. The interplay between buying interest and profit-taking will be crucial in determining the market’s direction, making the KSE-100 index’s performance an area of keen focus for traders and analysts alike.
