Karachi, August 18, 2023 – Pakistan’s stock market experienced a decline of 107 points on Friday as investors engaged in profit-taking activities ahead of the weekend.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) concluded the trading day at 48,218 points, a decrease from the previous day’s closing of 48,325 points.
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According to Nabeel Haroon, an analyst at Topline Securities Research, the KSE-100 Index initially exhibited a positive trend and sustained this positive momentum during the first half of the trading session.
The optimistic start could be attributed to a statement made by the Caretaker Prime Minister on Thursday, in which he expressed the government’s commitment to leveraging the Strategic Investment Framework Committee (SIFC) to attract foreign investment across various sectors including agriculture, mining and minerals, IT, energy, and defense production.
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However, as the trading day progressed, a period of profit-taking emerged during the final hours. This was reportedly triggered by an announcement from the Oil and Gas Development Company (OGDC), stating that the company had not received any formal communication from authorities regarding the issue of circular debt settlement.
The KSE 100 Index ultimately closed at the 48,219 level, reflecting a decline of -0.22%. The index’s movement was influenced by a mixture of positive and negative contributors. Notably, companies such as PPL, HUBC, NESTLE, PABC, and BAFL collectively added 78 points to the index. On the other hand, LUCK, UBL, POL, MCB, and MEBL experienced losses that collectively pulled the index down by -92 points.
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Trading activity for the day was characterized by a total volume of 255 million shares and a value of Rs. 10.4 billion. The highest traded volume for the day was attributed to WTL, with 40 million shares changing hands.
As investors wrapped up their trading activities for the week, the market’s performance was shaped by a dynamic interplay of positive news, profit-taking decisions, and responses to corporate announcements. The weekend pause allowed stakeholders to reflect on these developments as they await the market’s opening in the coming week.
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