On Wednesday, Pakistan’s stock market saw a positive session with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gaining 160 points to close at 42,088 points.
The rise in stock prices can be attributed to the shrinking trade deficit, which decreased by 39.62 percent year on year to $23.71 billion in 10MFY23. This development provided investors with a sense of optimism, which was reflected in the market’s positive sentiment.
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According to analysts at Arif Habib Limited, the PSX saw another positive session, with the benchmark KSE-100 index opening with the same optimistic feelings as the previous close.
The banking and cement sectors remained market trendsetters, while investor engagement surged considerably as mainboard volumes increased.
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Several sectors contributed to the market’s performance, including Cement (+139.5 points), Paper & Board (+21.8 points), E&P’s (+17.5 points), Food & Personal Care Products (+11.9 points), and OMC’s (+9.7 points).
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Moreover, the volume of shares traded increased from 220.0 million shares to 289.8 million shares (+31.7 percent DoD). The average traded value also increased by +56.7 percent to USD 35.9 million as against USD 22.8 million.
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The stocks that contributed significantly to the volumes were WTL, HBL, MLCF, TPLP, and FFL. The positive performance of Pakistan’s stock market on Wednesday is a positive sign for investors and stakeholders in the country’s economy, indicating that the market is poised for growth and expansion.
