Karachi, July 14, 2023 – The Pakistan stocks experienced a downward trend on Friday, with the benchmark KSE-100 index shedding 199 points as the correction phase continued after a period of substantial growth.
The market closed at 45,068 points, indicating a decline of 199 points compared to the previous day’s closing of 45,267 points.
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Experts at Arif Habib Limited attributed this decline to the ongoing consolidation, which has now extended for a second consecutive day. The correction in the KSE-100 index reached a maximum of -2.01 percent, reducing the weekly gain to +1.95 percent. Analysts anticipate further consolidation in the coming week before the market resumes its upward trajectory, with a target of 47,000 points.
Amid the overall decline, several stocks stood out with positive performance. UNITY PA (+3.73%), SEARL PA (+3.68%), and MEBL PA (+1.98%) showcased noteworthy gains on the day.
In the upcoming week, investors are advised to closely monitor two large-cap stocks, PSO PA and HUBC PA, as they approach support levels. These stocks may present potential opportunities for investors.
Market participants should also pay attention to the upcoming monetary policy announcement scheduled for July 31, 2023. Any changes or indications provided in the announcement could significantly impact market sentiment and trading activity.
READ MORE: KSE-100 Index Surpasses 45,000 Points, Reaches 14-Month High
To summarize, the Pakistan stock market witnessed a decline of 199 points as the correction phase continued. The upcoming week is expected to see further consolidation before the market resumes its upward movement. Notable stocks to watch include UNITY PA, SEARL PA, and MEBL PA, while PSO PA and HUBC PA are worth monitoring as they approach support levels. Additionally, the forthcoming monetary policy announcement holds the potential to influence market dynamics and investor sentiment.
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