Pakistan stocks ended firmer on Thursday, with the benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closing at 42,094 points, a nominal increase of six points from the previous day’s closing.
The positive momentum continued at the PSX throughout the day, as investors opted to cherry-pick strong fundamental stocks at attractive valuations being offered in the market.
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The KSE-100 index opened in the green zone and continued to trade with positive sentiments throughout the trading session. It reached an intraday high of 248.41 points before profit-taking was witnessed during the last half of the day. However, the rally was observed in cement and IT sectors, with investors’ participation remaining healthy as decent volumes were recorded across the board.
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According to analysts at Arif Habib Limited, the sectors contributing to the performance include Technology & Communication, Commercial Banks, Food & Personal Care Products, Paper & Board, and Textile Composite.
Technology & Communication contributed 48.0 points, Commercial Banks contributed 46.2 points, Food & Personal Care Products contributed 33.6 points, Paper & Board contributed 19.5 points, and Textile Composite contributed 12.1 points.
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The volumes decreased from 289.8 million shares to 255.3 million shares, a decline of 11.9 percent day-on-day. The average traded value also decreased by 8.9 percent to USD 32.7 million compared to USD 35.8 million. Stocks that contributed significantly to the volumes were MLCF, FFL, WTL, BAFL, and BIPL.
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The Pakistan stock market has been on a positive trajectory lately, with the KSE-100 index gaining momentum in recent weeks. This has been attributed to the government’s efforts to improve the country’s economic situation, coupled with an increase in foreign investments. However, the market remains volatile and subject to sudden fluctuations due to various economic and political factors.
