Following a challenging two-day spell, the benchmark KSE-100 index of Pakistan Stock Market (PSX) showcased remarkable resilience, closing higher in Tuesday’s session despite lingering political uncertainty. Initially dipping below the significant 60,000 mark, investor confidence appeared subdued. However, a noteworthy turnaround ensued as bullish sentiments prompted a surge in stock purchases at discounted rates. A day earlier!

According to the State Bank of Pakistan, during Tuesday’s interbank session, the value of the Pakistani Rupee (PKR) fell by 1.29 paisa against the US dollar. At the close of the previous session, the currency was ending at PKR 279.33 per USD; this is a little gain.

INTRADAY FLUCTUATIONS AND CLOSING FIGURES

The index demonstrated impressive resilience, climbing by as much as 1,614 points or 2.7% from its intraday low, ultimately closing at 61,226.93. This marked a notable increase of 161.61 points or 0.26% compared to the preceding session. Throughout the trading session, the index traded within a range of 2,041.48 points, reaching an intraday high of 61,654.65 and a low of 59,613.18 points.

PAKISTAN STOCK MARKET (PSX) CLOSING SUMMARY

Price:61,226.92
Change:161.61 (0.26%)
As of:Feb 13, 2024 4:15 PM
High:61,654.65
Low:59,613.17
Volume:253,487,196
1-Year Change:46.77%
YTD Change:-5.31%
Previous Close:61,065.31
Day Range:59,613.17 — 61,654.65
52-Week Range:39,482.17 — 67,093.96

VOLUME AND PREVIOUS PERFORMANCE

With a total volume of 253.487 million shares, the KSE-100 index’s rebound was a significant highlight amidst recent market turmoil. In the two sessions post-election, the index had collectively lost 3,079 points, reflecting the volatility sparked by political events.

POSITIVE MSCI REVIEW AND MARKET SENTIMENT

Amidst the market rebound, a somewhat positive quarterly review by Morgan Stanley Capital International (MSCI) buoyed market sentiment. Notably, three PSX scrips were added to the Frontier Market, with 19 included in the Small Cap Indexes. While this review was anticipated to have a neutral impact on the market, it contributed to stabilizing investor sentiment amidst prevailing uncertainties.

SECTOR ANALYSIS: CONTRIBUTIONS AND SETBACKS

The KSE-100 index’s upward trajectory was supported by several sectors, notably Commercial Banks, Fertilizer, Cement, Power Generation & Distribution, and Engineering. However, Oil & Gas Exploration Companies remained in the negative, exerting downward pressure on the index. Other sectors contributing negatively included Oil & Gas Marketing Companies, Automobile Parts & Accessories, Refinery, and Pharmaceuticals.

KSE100 PAKISTAN STOCK MARKET TOP POINTS CONTRIBUTOR SECTORS 2024-02-13 at 5.33.33 PM

TOP CONTRIBUTORS AND DETRACTORS

Key companies such as MARI, EFERT, UBL, HUBC, and MEBL significantly bolstered the index, while OGDC, PPL, PSO, BAHL, and THALL exerted downward pressure. These dynamics underscore the diverse influences shaping market movements.

KSE100 PAKISTAN STOCK MARKET TOP POINTS CONTRIBUTOR COMPANIES 2024-02-13 at 5.40.22 PM

BROADER MARKET PERFORMANCE

In the broader market, the All-Share index closed with a net loss, reflecting mixed sentiments among investors. However, increased market volume and trading value underscored the active participation of investors despite prevailing uncertainties.

TECHNICAL ANALYSIS 

Moreover, the Pakistan Stock Market’s (PSX) KSE-100 Index faces resistance from the last bullish rally witnessed in December, 2023.

KSE100_2024-02-13_18-22-36

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