The financial markets of Pakistan showcased remarkable resilience and optimism as the benchmark KSE-100 index concluded Thursday’s trading session on a high note. The index surged to 64,578.52, marking an impressive increase of 875.07 points or 1.37%. This upward trajectory is attributed to strategic value buying, spurred by newfound political clarity following the inaugural session of Pakistan’s newly elected National Assembly.

PSX CLOSING SUMMARY AS OF FEB 29, 2024 4:14 PM

MetricValue
Current Value64,578.52
Change875.08 (1.37%)
High64,801.63
Low63,827.25
Volume223,519,849
1-Year Change59.80%
YTD Change-0.13%
Previous Close63,703.44
Day Range63,827.25 — 64,801.63
52-Week Range39,482.17 — 67,093.96

POLITICAL CLARITY BOOSTS MARKET CONFIDENCE

The optimism in the market was significantly buoyed by the political clarity that emerged with the convening of the National Assembly. According to a market closing report by Ismael Iqbal Securities, this political milestone has been a key driver behind the positive market sentiment. The KSE-100 index has not only recovered from the post-election slump but has also gained an additional 434.65 points or 0.68% since February 8, 2024.

PKR EXCHANGE RATES THURSDAY, FEBRUARY 29

 

 

KSE100 TECHNICAL ANALYSIS 2024-02-29 at 5.37.41 PM

 

ECONOMIC STABILITY ON THE HORIZON

A major development bolstering investor confidence is China’s decision to roll over a $2 billion loan for Pakistan. This crucial financial reprieve, set to mature in March, is a lifeline for Pakistan’s economic stability, further propelling the positive momentum in the stock market.

Throughout the trading day, the index maintained its upward movement, reaching an intraday high of 64,801.64 (+1,098.19) and a low of 63,827.25 (+123.80) points, with a total volume of 223.52 million shares traded.

ANTICIPATION FOR INFLATION AND TRADE DATA

The market is abuzz with positive anticipation for the upcoming inflation and trade data for February, expected to be released on Friday. Investors are optimistic, forecasting a significant slowdown in inflation to approximately 23.3% YoY, marking the lowest level in 17 months.

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SECTOR-WISE PERFORMANCE HIGHLIGHTS

The KSE-100 index’s positive performance was predominantly led by key sectors:

  • Commercial Banks contributed 251.04 points
  • Fertilizer sector added 211.81 points
  • Oil & Gas Exploration Companies boosted the index by 184.49 points
  • Automobile Assembler and Power Generation & Distribution sectors also made significant contributions

On the other hand, certain sectors such as Technology & Communication, Cement, and others faced downturns, slightly offsetting the overall gains.

LEADING CONTRIBUTORS AND LAGGARDS

Notable companies that led the index’s surge included EFERT, MTL, PPL, HUBC, and UBL, while companies like TRG, LUCK, and others faced declines, impacting the index to some extent.

BROADER MARKET TRENDS

The All-Share index also witnessed a positive trend, closing at 42,840.89 with a net gain of 387.81 points. With a total market volume of 424.044 million shares, the trading session saw a healthy mix of advances and declines across 364 companies.

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