The Pakistan Stock Exchange (PSX) demonstrated resilience and recovery, with the benchmark KSE-100 index closing Friday’s session at an impressive 63,002.92, marking an increase of 609.18 points or 0.98%. Despite starting the week amid political uncertainties and market volatility, the PSX found its footing, bolstered by strong company earnings.

NAVIGATING THROUGH VOLATILITY

The week witnessed a mix of downturns and recoveries, with the index shedding around 810 points or 1.27% over the week. However, a turn of fortunes was seen as the market embraced positivity, driven by standout performances across various sectors.

DAY’S TRADING IN DETAIL

Throughout Friday, the index maintained an upward trajectory, peaking at an intraday high of 63,075.30 points and experiencing a low of 62,448.72 points. The trading volume for the KSE-100 index stood at 133.234 million shares.

PAKISTAN STOCK MARKET DAILY MARKET SUMMARY 2024-02-02 at 5.42.18 PM
PAKISTAN STOCK MARKET DAILY MARKET SUMMARY 2024-02-02 at 5.42.18 PM

SECTORAL INSIGHTS AND KEY PERFORMERS

LEADING SECTORS

Support came from multiple sectors, with Commercial Banks, Automobile Assembler, Cement, Fertilizer, and Oil & Gas Exploration Companies contributing significantly to the index’s gains.

UNDERPERFORMING SECTORS

However, some sectors like Miscellaneous, Investment Banks, Insurance, Refinery, and Paper & Board experienced slight setbacks, marginally impacting the index.

KSE100 TOP PERFORMING SECTORS 2024-02-02 at 5.43.10 PM

TOP CONTRIBUTORS AND DETRACTORS

Leading companies such as MTL, EFERT, OGDC, MCB, and LUCK played pivotal roles in propelling the index forward. Conversely, PPL, BAFL, KOHC, KTML, and PKGS were among those that pulled the index down.

KSE100 PSX TOP POINTS CONTRIBUTOR COMPANIES 2024-02-02 at 5.42.45 PM

BROADER MARKET OVERVIEW

ALL-SHARE INDEX AND MARKET VOLUME

The All-Share index also saw a positive close at 42,577.29, with a net gain of 475.16 points. Despite a slight decrease in traded value to Rs10.73 billion, the market volume was robust, with 263.548 million shares traded.

ACTIVE TRADING AND VOLUME LEADERS

The market was buzzing with activity, led by volume leaders such as KEL, PIAA, PPL, HASCOL, and OGDC, showcasing the diverse investor interest across different sectors.

REFLECTING ON FISCAL AND CALENDAR YEAR PROGRESS

REMARKABLE FISCAL AND YEARLY GAINS

The KSE-100 index has experienced remarkable growth, with a 51.99% increase during the fiscal year, translating to a gain of 21,550 points. The ongoing calendar year also presents a positive outlook, with the index up by 552 points or 0.88%.

CONCLUSION: MARKET DYNAMICS AND FUTURE OUTLOOK

The market’s capacity to overcome adversity and seize upon encouraging economic signals was demonstrated at the Pakistan Stock Exchange this past week. As investors and analysts look ahead, the market’s path in the face of political and economic obstacles will be greatly influenced by the ongoing performance of important industries and businesses. However, technically speaking the KSE-100 is bearish unless breaks resistance.

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