PSX Recap: Market Surge Continues Amid Election Optimism
In today's trading session, out of the 100 index companies, 62 closed higher, 26 closed lower, 6 remained unchanged, and 6 were untraded.
Karobar
In a persistent upward trend, the local stock market showcased resilience today as investors maintained a positive outlook in anticipation of tomorrow's general elections.
The key benchmark, KSE-100 index, concluded Wednesday's trading session at 64,143.87, marking a notable increase of 344.85 points or 0.54%.
Throughout the day, the index demonstrated a positive trajectory, reaching an intraday high of 64,196.62 (+397.60) and a low of 63,927.29 (+128.27) points.
The KSE-100 index experienced a robust total volume of 194.742 million shares.
Historical data reveals that investing in Pakistan stocks prior to an election has proven to be a profitable strategy, irrespective of the election results. Over the past six polls since the introduction of the KSE-100 index, those who invested the day before a national election witnessed an average gain of 7.5% in the month following the election. The rally typically persisted, with the index advancing by an average of 18% in the next three months and 20% in the subsequent six months.
Contributing to the positive performance of the KSE-100 index were sectors such as Power Generation & Distribution with 105.38 points, Commercial Banks with 95.24 points, Cement with 43.38 points, Fertilizer with 42.93 points, and Miscellaneous with 25.66 points.
Conversely, sectors that weighed down the index included Oil & Gas Exploration Companies with 60.09 points, Inv. Banks / Inv. Cos. / Securities Cos. with 6.68 points, Insurance with 6.09 points, Transport with 4.89 points, and Close-End Mutual Fund with 2.5 points.
Companies making significant contributions to the index's positive movement were HUBC with 98.56 points, MEBL with 27.79 points, EFERT with 25.41 points, PSEL with 24.34 points, and UBL with 23.69 points.
On the other hand, companies that exerted downward pressure on the index included OGDC with 96.18 points, FABL with 11.08 points, DAWH with 9.02 points, AICL with 6.09 points, and PIBTL with 4.89 points.
In the broader market, the All-Share index concluded at 43,314.01, registering a net gain of 166.04 points. The total market volume stood at 327.592 million shares, a slight decrease from the previous session's 330.922 million shares, with a traded value of Rs14.31 billion, reflecting a decrease of Rs0.92 billion.
A total of 159,640 trades were reported in 356 companies, with 203 closing higher, 125 closing lower, and 28 remaining unchanged.
It is noteworthy that the KSE-100 has witnessed a remarkable gain of 22,691 points or 54.74% during the fiscal year, while the ongoing calendar year has seen a cumulative increase of 1,693 points, equivalent to 2.71%.
