Karachi, June 27, 2024 – Pakistan stocks experienced a notable gain on Thursday, adding 253 points as investors navigated the market with caution ahead of the fiscal year closing on June 30, 2024.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended the day at 78,528 points, up from the previous day’s closing of 78,275 points. Despite the overall positive performance, analysts at Pakistan stocks noted a cautious trading environment as the fiscal year draws to a close.
Analysts at highlighted that the Pakistan stocks saw a day of positive trading, with the KSE-100 index reaching an intraday high of 78,979 points and a low of 78,294 points before settling at 78,528 points, marking an increase of 253 points or 0.32%.
The positive momentum was driven primarily by gains in the Fertilizer, Banking, Cement, and Exploration & Production (E&P) sectors. Key contributors to the index’s rise included Fauji Fertilizer Company (FFC), United Bank Limited (UBL), Thal Limited (THALL), Oil and Gas Development Company (OGDC), and Mari Petroleum Company (MARI), which collectively added 214 points to the index.
Trading volume at the bourse reached over 279 million shares, with a total value of Rs10.9 billion. The most actively traded stock was WorldCall Telecom Limited (WTL), which led the trading volume with over 27 million shares changing hands.
Pakistan stocks sentiment was cautiously optimistic, reflecting a blend of end-of-year positioning and a wait-and-see approach ahead of potential fiscal policy announcements.
Investors at the Pakistan stocks appeared to be balancing their portfolios in anticipation of the upcoming fiscal developments, leading to selective buying in sectors expected to perform well in the new fiscal year.
The Fertilizer sector saw substantial interest, driven by expectations of favorable government policies and robust demand. The Banking sector also performed well, buoyed by solid financial results and positive outlooks from key players. The Cement and E&P sectors benefitted from strong domestic demand and stable international commodity prices.
Looking ahead, market participants are keenly awaiting the fiscal year-end results and any new economic measures that may be introduced by the government. Analysts predict that the market will continue to show cautious trading behavior in the coming days, with potential for further gains if positive economic indicators emerge.
The 253-point gain in the KSE-100 index underscores a day of cautious optimism in the Pakistan stock market. With key sectors showing strength and substantial trading volumes, the market remains poised for potential growth as investors navigate the final days of the fiscal year.