The Karachi Stock Exchange’s benchmark KSE-100 index witnessed a significant uplift, closing at 61,559.16, up by 1,094.91 points or 1.81%.
This surge in market sentiment is directly linked to the consensus reached among major political factions to form a coalition government. The optimism is further fueled by the anticipated negotiation for a more substantial and extended loan program from the International Monetary Fund (IMF), crucial for addressing Pakistan’s looming debt obligations.
| KSE-100 Closing Summary | Value |
|---|---|
| Current Value | 61,559.15 |
| Change | 1,094.91 (1.81%) |
| Date and Time | Feb 21, 2024 4:15 PM |
| High | 61,620.85 |
| Low | 60,906.97 |
| Volume | 210,578,314 |
| 1-Year Change | 50.33% |
| YTD Change | -4.80% |
| Previous Close | 60,464.24 |
| Day Range | 60,906.97 — 61,620.85 |
| 52-Week Range | 39,482.17 — 67,093.96 |
RECOVERY FROM POST-ELECTION LOSSES
The KSE-100 index’s remarkable performance has effectively narrowed the post-election losses to just 2,585 points, or a 4% decrease, showcasing resilience and positive investor sentiment. Throughout the trading session, the index maintained its upbeat momentum, touching an intraday high of 61,620.86 points.
SECTOR-WISE CONTRIBUTIONS TO THE INDEX
The index’s robust performance was primarily supported by significant contributions from various sectors. Leading the gains were Oil & Gas Exploration Companies, Commercial Banks, and the Cement sector, alongside notable advancements in Technology & Communication and Pharmaceuticals, following recent policy relaxations that favored drug pricing, sparking a rally in pharma stocks for the second consecutive session.
PKR EXCHANGE RATES WEDNESDAY, FEBRUARY 21
PERFORMANCE AT A GLANCE
The market’s breadth was positive, with 76 companies in the index closing up, while 16 declined, and 8 remained unchanged. Key players like OGDC, LUCK, PPL, UBL, and TRG were among the top contributors to the index’s ascent. Conversely, a handful of companies faced downward pressure, marginally impacting the overall market momentum.
| Symbol | Price | Change |
|---|---|---|
| Top Active Stocks | ||
| PIAA | 11.06 | 0.89 (8.75%) |
| WTL | 1.23 | 0.02 (1.65%) |
| PRL | 25.33 | 1.14 (4.71%) |
| CNERGY | 3.95 | 0.26 (7.05%) |
| KEL | 4.30 | 0.20 (4.88%) |
| OGDC | 115.53 | 7.60 (7.04%) |
| PPL | 104.54 | 6.31 (6.42%) |
| BOP | 6.02 | 0.14 (2.38%) |
| FFBL | 24.21 | -0.94 (-3.74%) |
| DCL | 7.73 | 0.36 (4.89%) |
| Top Advancers | ||
| FECM | 5.52 | 0.99 (21.85%) |
| FPJM | 1.90 | 0.20 (11.77%) |
| LSEPL | 3.42 | 0.34 (11.04%) |
| BAPLDEF | 10.65 | 1.00 (10.36%) |
| QUETDEF | 7.30 | 0.66 (9.94%) |
| UCAPM | 2.08 | 0.17 (8.90%) |
| PIAA | 11.06 | 0.89 (8.75%) |
| PILDEF | 0.85 | 0.06 (7.60%) |
| GEMBLUEX | 18.35 | 1.28 (7.50%) |
| SCL | 258.78 | 18.04 (7.49%) |
| Top Decliners | ||
| SGPLDEF | 2.17 | -0.97 (-32.44%) |
| SLLDEF | 1.90 | -0.33 (-14.80%) |
| HIRATDEF | 1.22 | -0.14 (-10.37%) |
| QUICE | 4.20 | -0.40 (-8.70%) |
| TSMF | 4.60 | -0.39 (-7.82%) |
| IML | 12.00 | -1.00 (-7.69%) |
| JUBSDEF | 17.02 | -1.38 (-7.50%) |
| PECODEF | 471.75 | -38.25 (-7.50%) |
| BELADEF | 46.13 | -3.74 (-7.50%) |
| GATIR | 30.00 | -2.41 (-7.44%) |
BROADER MARKET OVERVIEW
Beyond the KSE-100, the All-Share index also ended on a high note, marking a net gain of 653.91 points. The trading volume for the day was substantial, with top traded stocks including BOP, KEL, and WTL, among others, reflecting vibrant market activity.
PAKISTAN RUPEE TAKES A POSITIVE TURN: A DETAILED ANALYSIS OF REER AND NEER IN JANUARY 2023
ANNUAL AND YEAR-TO-DATE PERFORMANCE
The fiscal year has been particularly fruitful for the KSE-100 index, boasting a gain of 20,106 points or 48.5%. However, the calendar year has seen a slight retreat, with a cumulative decrease of 892 points or 1.43%, indicating a nuanced market trajectory amidst evolving political and economic landscapes.
TECHNICAL ANALYSIS
The index faces technical resistance around 65,000 region.
