The Pakistan Stock Exchange (PSX) closed the session bullish as political clarity has taken charge of the current upswing. However, we are trading on resistance so any upside move would be attributed to conquering of the resistance area. The Benchmark Index of Pakistan Stock Market, KSE100 closed the session at 63,703.44 gaining 484.35 points.

PSX Closing Summary 63,703.44 484.35 (0.77%) As of Feb 28, 2024 4:15 PM
MeasureValue
HIGH63,929.57
LOW63,042.14
VOLUME265,803,085
1-YEAR CHANGE57.25%
YTD CHANGE-1.48%
PREVIOUS CLOSE63,219.09
DAY RANGE63,042.14 — 63,929.57
52-WEEK RANGE39,482.17 — 67,093.96

 

NOTE: KSE100 Index technically filled a gap.

KSE100 TRADING CHART 2024-02-28 at 4.35.27 PM


PKR EXCHANGE RATES WEDNESDAY, FEBRUARY 28

ANTICIPATION BUILDS AROUND INFLATION AND TRADE DATA

Investors are on the edge of their seats as they await the release of crucial inflation and trade data set for Friday. The market’s buoyancy is fueled by forecasts predicting a significant deceleration in inflation to approximately 23.3% year-on-year, a figure that represents the lowest inflation rate in 17 months.

Such a slowdown is eagerly anticipated by market participants, who view it as a potential catalyst for sustained market growth.

PROFITABILITY SOARS AMID ECONOMIC CHALLENGES

Despite the economic challenges faced throughout 2023, the KSE-100 index companies have shown remarkable resilience, with profitability soaring by 51% year-on-year to surpass Rs1.5 trillion.

This impressive growth has been primarily driven by the robust performance of commercial banks and exploration and production (E&P) companies

GOLD DROPS 1,100 PER TOLA ON WEDNESDAY IN PAKISTAN: TECHNICAL ANALYSIS

SECTORAL PERFORMANCE: WINNERS AND LOSERS

The day’s gains were led by key sectors such as Fertilizer, Cement, Oil & Gas Exploration, Commercial Banks, and Refinery, contributing significantly to the index’s upward movement. Conversely, the Technology & Communication sector experienced a downturn, notably impacted by TRG’s reported loss, which weighed heavily on the sector’s performance.

KSE100 TOP POINTS CONTRIBUTOR SECTOR 2024-02-28 at 4.48.03 PM

COMPANIES SHAPING THE MARKET

Notable companies such as FFC, EFERT, LUCK, MCB, and OGDC were among the top contributors to the index’s gains, showcasing the diverse range of sectors propelling the market forward. On the flip side, companies like TRG and PSEL were among those that faced challenges, reflecting the dynamic nature of the market.

KSE100 TOP POINTS CONTRIBUTOR COMPANIES 2024-02-28 at 4.47.27 PM

BROADER MARKET TRENDS

The All-Share index also enjoyed positive momentum, closing with a net gain of 260.00 points at 42,453.08. The market’s overall volume and value traded showed an increase, signifying heightened investor activity and confidence in the market’s direction.

THE RECENT TREND IN CRUDE OIL TRADING AND ANALYSTS’ OPINIONS

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