Karachi, April 15, 2024 – Pakistan stocks soared to a new pinnacle on Monday, touching a historic high of 70,545 points despite witnessing volatile trading throughout the day.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) concluded the session with a gain of 230 points, surpassing the previous record set on April 9, 2024.
Analysts at Topline Securities Limited reported that the trading session at the PSX was characterized by fluctuations, with the KSE-100 index oscillating between an intraday low of 400.61 points and an intraday high of 294.17 points before settling at 70,544.58, marking an increase of 229.87 points.
The positive momentum in the stock market was attributed to several factors, including strategic investments by investors, value hunting activities, and anticipation of significant developments in various sectors.
E&P Sector Gains: The Exploration & Production (E&P) sector witnessed notable gains, with Oil and Gas Development Company Limited (OGDC) and Pakistan Petroleum Limited (PPL) leading the charge. The positive sentiment was fueled by news of an upcoming visit by a high-level Saudi Arabian delegation, raising expectations of progress on investment in the Reko Diq mining project.
Strategic Equity Positions: Investors strategically fortified their equity positions by engaging in value hunting, particularly targeting blue-chip stocks across the market. This bolstered the E&P, Power, and Banking sectors, with Hub Power Company (HUBC), United Bank Limited (UBL), and Pakistan State Oil (PSO) contributing significantly to the market’s upward trajectory.
Sectoral Performance: The Cement sector attracted investor interest, with companies such as Fauji Cement Company Limited (FCCL), DG Khan Cement Company Limited (DGKC), Maple Leaf Cement Factory Limited (MLCF), and Pioneer Cement Limited (PIOC) closing in the green zone.
Trading Activity: Trading activity remained robust, with over 555.10 million shares exchanging hands, amounting to a total value of Rs21.9 billion. WorldCall Telecom Limited (WTL), Fauji Cement Company Limited (FCCL), and Flying Cement Company Limited (FFL) emerged as the most actively traded stocks, with a combined trading volume of over 151.6 million shares.
Despite profit-taking observed in certain stocks such as MCB Bank Limited (MCB), Systems Limited (SYS), and Engro Fertilizers Limited (EFERT), the overall sentiment remained bullish, reflecting investor confidence in the Pakistani equity market’s growth prospects.
The record-breaking performance of Pakistan’s stock market reflects the resilience and dynamism of the country’s economy. As investors continue to navigate through volatile market conditions, strategic investments and prudent decision-making are expected to drive further growth and prosperity in the Pakistani capital market.
