Karachi, January 23, 2024 – The Pakistan stock market witnessed remarkable fluctuations on Tuesday, showcasing considerable volatility in the trading landscape.
The benchmark KSE-100 index at the Pakistan Stock Exchange (PSX) demonstrated a noteworthy surge of 515 points, concluding the day at 64,454 points. This substantial increase reflects a 0.81 percent uptick compared to the previous day’s closing figure of 63,939 points.
According to analysts at Topline Securities Limited, Pakistan’s equity market experienced notable ups and downs throughout the day. The intra-day trading session saw a low of 389.80 points and a high of +718.76 points.
In the initial stages, OGDC and PPL faced a bearish trend due to investor concerns arising from the Ministry of Finance’s rejection of the circular debt reduction plan.
This decision was driven by the government’s commitment to the IMF, imposing constraints on additional unbudgeted spending in the fiscal year 2023-24.
However, a turnaround unfolded in the second half of the day, marked by increased buying activity as investors capitalized on lower stock prices. This led to positive gains for OGDC (+2.22 percent) and PPL (-3.31 percent).
Banking and cement stocks demonstrated enhanced trading volumes, with notable performances from HBL (0.88 percent), MEBL (2.04 percent), BAFL (1.22 percent), DGKC (2.25 percent), and FCCL (2.15 percent), all closing higher than their previous day’s levels.
The overall trading session recorded a total exchange of 261 million shares. Standout stocks with robust trading volumes included OGDC, FFL, and KEL, with transactions exceeding 52 million, 44 million, and 42 million shares, respectively.
