PSX Closing Bell: Resilient Recovery Amidst Market Volatility

In a remarkable turn of events, bulls reclaimed control of the trading floor, orchestrating the third-largest single-day gain in absolute terms at the Pakistan Stock Exchange (PSX).

The benchmark KSE-100 index showcased resilience by recovering most of the losses incurred in the previous session, concluding today's session at 60,863.62, boasting a substantial gain of 1,692.64 points or 2.86%.

This impressive rebound is attributed to overextended selling in the preceding session, creating an opportune moment for value hunters to capitalize on market fluctuations.

The day witnessed heightened volatility as the index traded within a wide range of 2,251.39 points, reaching an intraday high of 61,009.88 (+1,838.90) and a low of 58,758.48 (-412.49) points.

The total trading volume of the KSE-100 index recorded a significant figure of 393.667 million shares.

Prominent brokerage firm Arib Habib Limited, in its post-market report, highlighted that historically, the KSE-100 tends to rebound after a 10% drawdown from its peak in bull markets. The recent close reflects a total loss of 7,923 points or 11.81% since the peak on December 13.

In Wednesday's trading session, out of the 100 index companies, 89 closed with gains, 6 experienced losses, 1 remained unchanged, while 4 stayed untraded.

Sector-wise, Commercial Banks, Cement, Power Generation & Distribution, Fertilizer, and Oil & Gas Exploration Companies played a pivotal role in supporting the KSE-100 index with substantial points.

Conversely, the index faced downward pressure from the Property and Leasing Companies sectors.

Key contributors to the index's upward momentum included HUBC, MEBL, SYS, EFERT, and LUCK, collectively adding significant points.

On the flip side, companies like AICL, JVDC, and PGLC exerted a slight drag on the index.

In the broader market, the All-Share index closed at 40,684.63, marking a net gain of 965.86 points. The total market volume slightly decreased to 669.357 million shares, with a traded value of Rs16.12 billion.

Noteworthy is the KSE-100's impressive performance, gaining 19,411 points or 46.83% during the fiscal year, while the ongoing calendar year has witnessed a cumulative increase of 20,443 points, equivalent to 50.58%.