The Pakistan Stock Exchange (PSX) showcased a robust performance, continuing its upward trajectory from the previous day, largely propelled by significant gains in the technology sector. Despite the looming shadows of an ‘alleged’ accounting scandal involving its Swiss partner, Temenos AG, Systems Limited managed to dispel potential negativity, leading the charge in the market’s rally. A day earlier!

PSX CLOSING SUMMARY AS OF 22, 2024, 4:15 PM

IndicatorValue
Current Value61,914.34
Change355.19 (0.58%)
High61,952.09
Low61,460.44
Volume171,779,626
1-Year Change50.40%
YTD Change-4.25%
Previous Close61,559.15
Day Range61,460.44 — 61,952.09
52-Week Range39,482.17 — 67,093.96

PKR EXCHANGE RATES THURSDAY, FEBRUARY 22

KSE-100 INDEX: A BULLISH OUTLOOK

Thursday’s trading session closed on a positive note, with the KSE-100 index marking an increase of 355.19 points or 0.58%, settling at 61,914.34. The trading dynamics reflected a range of 491.65 points, with the index hitting an intraday high of 61,952.10 and a low of 61,460.45, indicating a healthy volatility that favored the bulls.

SECTOR-WISE PERFORMANCE: WINNERS AND LAGGARDS

The surge in the index was underpinned by remarkable contributions from several key sectors:

  • Technology & Communication led the gains with 191.04 points, underscoring the sector’s resilience and growth potential.
  • Commercial Banks and Fertilizers followed suit, adding 114.38 and 75.66 points, respectively, highlighting their stable footing in the market.
  • Oil & Gas Marketing Companies and Textile Composite also made positive contributions, albeit to a lesser extent.

Conversely, the Pharmaceuticals, Cement, Oil & Gas Exploration, Automobile Assembler, and Tobacco sectors faced headwinds, pulling back the index to some degree.

GOLD PRICES TICK HIGHER IN PAKISTAN MARKET AMID GLOBAL UPTRENDS

MARKET MOVERS: KEY CONTRIBUTORS AND DETRACTORS

Systems Limited emerged as a standout performer, contributing a substantial 122.93 points to the index, showcasing investor confidence despite external pressures. MEBL, TRG, EFERT, and UBL were also among the top contributors, reflecting a diverse set of companies bolstering the market’s strength.

On the flip side, INDU, LUCK, PPL, HINOON, and NBP were among the notable companies that weighed down the index, reflecting sector-specific challenges and market adjustments.

BROAD MARKET INSIGHTS

The broader All-Share index also echoed the optimistic sentiment, registering a net gain of 101.39 points. Although the total market volume saw a slight dip from the previous session, the traded value experienced a notable increase, indicating active participation and investor interest across the board.

FISCAL AND CALENDAR YEAR PERFORMANCE

The KSE-100 index’s fiscal year gains stand impressively at 20,462 points or 49.36%, showcasing a remarkable recovery and growth trajectory. However, the ongoing calendar year has observed a marginal cumulative decrease, underscoring the market’s fluctuating nature and the critical role of external and internal factors in shaping its direction.

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