PSX shows mixed performance, gains slightly amid low trading activity

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a volatile session on Thursday, with the market swinging between gains and losses before closing modestly higher than its opening level. Today (Friday), the index opens at 78,863.34 points after yesterday’s mixed performance.

Market experts are attributing this to limited investor interest and institutional profit-taking.

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During the day, the KSE-100 index briefly surpassed the 79,000-point psychological barrier, reaching an intraday high of 79,154.30 points. However, the upward momentum could not be sustained due to selling pressure, leading the index to drop to an intraday low of 78,578.02 points.

The session concluded with the index settling at 78,863.34 points, marking a marginal gain of 15.33 points, or 0.02 per cent.

Nevertheless, trading volumes remained subdued, with only 770.518 million shares changing hands, down from the 969.768 million shares traded in the previous session. The total value of shares traded also decreased to Rs 14.287 billion, compared to Rs 17.510 billion on Wednesday. Foreign investors were net buyers, purchasing shares worth $149,668.

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Market experts noted that blue-chip stocks faced profit-taking from institutional investors causing downward pressures on the bourse.

On the other hand, the Finance Minister’s confirmation of external financing, expectations surrounding the State Bank of Pakistan’s (SBP) upcoming policy rate decision, and 21 per cent reduction in the trade deficit for August 2024 offered strength to the market.