Karachi, July 21, 2023 – The Pakistan stock market experienced a surge in positive sentiments, with the benchmark KSE-100 index gaining 522 points on Friday. The index closed at 45,920 points, marking a significant increase from the previous day’s closing of 45,398 points.
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According to analysts at Topline Securities, the local bourse witnessed another day of positive trading, driven by growing investor interest in the banking sector. This interest was bolstered by the announcement of United Bank Limited’s (UBL) impressive 2Q2023 results, in which the bank declared a substantial dividend of Rs. 11 per share (1HCY2023 dividend payout Rs. 23 per share). As a result, the index climbed to close at 45,921 points, representing a remarkable 1.15 percent increase.
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The notable gains in the market were largely attributed to the contributions of several key players in the market. UBL, COLG, MEBL, MCB, and BAFL collectively added 303 points to the index, underscoring their significant impact on the market’s overall performance.
In addition to the surge in points, there was a notable increase in investor participation on Friday. The traded volume reached 504 million shares, marking an 8.6 percent rise from previous sessions, while the total traded value stood at Rs. 12 billion, showing a substantial 19 percent increase.
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Among the active stocks, WorldCall Telecom Limited (WTL) emerged as the volume leader for the day, with 107 million shares traded.
Market participants are closely monitoring these positive developments, and the increasing confidence in the banking sector may pave the way for further growth in the Pakistan stock market in the coming days.
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