Karachi, November 13, 2024 – Pakistan stocks rallied on Wednesday, gaining 131 points as buying from local mutual funds bolstered market performance. The KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 93,355 points, up from the previous day’s close of 93,224 points, marking a gain of 0.14%, according to analysts.
Analysts at Topline Securities Limited noted that Pakistan stocks experienced a phase of consolidation during the session, with the index fluctuating between a high of 93,804 points and a low of 92,943 points. The rise was largely supported by consistent buying activity from local mutual funds, which helped the market sustain a positive momentum amid broader economic uncertainties.
Leading contributors to the day’s performance in Pakistan stocks included major companies such as Mari Petroleum Company Limited (MARI), Lucky Cement Limited (LUCK), The Searle Company Limited (SEARL), Engro Corporation Limited (ENGRO), and Pakistan Oilfields Limited (POL). Together, these companies added 461 points to the index, offsetting some profit-taking seen in stocks like Oil and Gas Development Company Limited (OGDC), Fauji Fertilizer Company Limited (FFC), and Meezan Bank Limited (MEBL), which collectively shaved off 213 points from the benchmark.
Trading activity in Pakistan stocks remained robust, with a total of 806 million shares changing hands. The session recorded a turnover of Rs 31 billion, reflecting strong market participation and investor confidence. Worldcall Telecom Limited (WTL) led trading volumes with 43 million shares traded, indicating heightened interest from retail investors in select stocks.
The continued buying support from mutual funds in Pakistan stocks comes as institutional investors seek to capitalize on attractive valuations in the market. The recent uptick suggests growing investor optimism in the country’s equity market, even as external challenges and local economic pressures persist. Analysts believe that sustained support from mutual funds could provide further stability to Pakistan stocks, especially if global economic conditions remain favorable.
Looking forward, market analysts are cautiously optimistic about the outlook for Pakistan stocks. They emphasize that while the positive momentum is encouraging, future performance will depend on factors such as foreign investment flows, currency stability, and macroeconomic developments. Nevertheless, the active role of mutual funds in recent sessions signals a resilient market environment for Pakistan stocks.
As local and foreign investors monitor Pakistan stocks closely, the PSX is expected to remain responsive to both domestic and global economic signals, paving the way for potential gains in the coming weeks.
