KARACHI: The Pakistan stock market experienced a mixed trading session on Monday, concluding with a marginal decline of 25 points in the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX).
The index closed at 41,717 points, down from the previous Friday’s closing of 41,742 points.
Analysts at Arif Habib Limited reported a mixed start to the business week at the PSX. The market opened in the red, maintaining the negative sentiments from the previous session. However, sentiments quickly shifted as the market entered positive territory, reaching an intraday high of 249.38 points. This positive momentum was attributed to advancements in the disbursement of the 9th tranche of the International Monetary Fund’s (IMF) Extended Fund Facility.
Investor engagement remained robust across the board, with particular interest in the Exploration and Production (E&P) sector due to anticipation of a potential increase in gas tariffs.
Sectors contributing to the day’s performance included Technology & Communication (-72.1 points), Oil Marketing Companies (OMCs) (-53.4 points), Automobile Assembler (-15.6 points), Pharmaceuticals (-14.9 points), and Engineering (-6.8 points).
Despite solid volumes in various sectors, the overall traded volume decreased from 281.9 million shares to 192.4 million shares, reflecting a 31.7 percent decline day-on-day. The average traded value also saw a significant drop, decreasing by 47.9 percent to USD 28.4 million compared to the previous session’s USD 54.6 million.
Key stocks that contributed significantly to the trading volumes included Sui Southern Gas Company (SSGC), Worldcall Telecom Limited (WTL), Oil and Gas Development Company Limited (OGDC), Sui Northern Gas Pipelines Limited (SNGP), and Pakistan Petroleum Limited (PPL).
The market’s performance highlighted the dynamic nature of investor sentiment, with fluctuations influenced by factors such as IMF disbursements and expectations of changes in gas tariffs. As the week progresses, market participants will likely continue to monitor developments in both domestic and international economic landscapes, influencing trading decisions in the Pakistan stock market.
