PSX continues bullish trend, closing with 0.77% increase

KARACHI: In a notable upswing, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index concluded Wednesday’s trading session at 63,703.45, marking an increase of 484.35 points, or 0.77 per cent.

Investors are actively monitoring the upcoming release of February’s inflation and trade data scheduled for Friday, anticipating a positive trajectory.

Pakistan Stock Exchange closing February 28, 2024

Projections indicate a significant slowdown in inflation to approximately 23.3 per cent YoY, reaching its lowest level in 17 months, fueling optimism among market participants.

Arif Habib Limited’s recent report highlights a substantial 51 per cent YoY surge in the profitability of the KSE-100 Index during 2023, surpassing Rs1.5 trillion.

This surge was primarily driven by the impressive performance of commercial banks and exploration and production (E&P) companies.

During today’s trading session, the KSE-100 index demonstrated volatility within a range of 887.43 points, reaching an intraday high of 63,929.58 (+710.48) and a low of 63,042.15 (-176.95) points.

The total trading volume for the KSE-100 index amounted to 265.803 million shares.

Of the 100 index companies, 49 closed higher, 40 closed lower, 4 remained unchanged, and 7 were untraded.

Notably, the KSE-100 index found support from sectors such as fertiliser, cement, oil and gas exploration companies, commercial banks, and refineries.

Conversely, the technology and communication sector led the downturn, witnessing a decrease of 92.31 points as TRG reported a loss of Rs11.47 billion [LPS: Rs19.43] in 6MFY24.

This was followed by declines in the miscellaneous, textile composite, pharmaceuticals, and glass and ceramics sectors.

Companies contributing positively to the index included FFC, EFERT, LUCK, MCB, and OGDC, accumulating a significant boost in points.

Meanwhile, TRG, PSEL, SYS, BIPL, and NML were notable contributors to the index’s downturn.

In the broader market, the All-Share index closed at 42,453.08, registering a net gain of 260.00 points.

The total market volume increased to 461.391 million shares, with a traded value of Rs16.00 billion, indicating a rise of Rs1.31 billion compared to the previous session.

With 22,251 points gained during the fiscal year, the KSE-100 has exhibited a remarkable increase of 53.68 per cent, while the ongoing calendar year has witnessed a cumulative rise of 1,252 points, equivalent to 2.01 per cent.

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