The Pakistan Stock Exchange (PSX) moved slightly higher on Monday, with buyers coming in on certain sectors to keep the market in the green.
The benchmark KSE-100 index gained 124.95 points to close at 175,927.74. The market recorded some volatility throughout the day with the highest being 176,129.35 and the lowest 173,636.46. It had been trading at 174,419.42 points, up 0.07% from when it opened. In total about 343.88 million shares were traded in KSE-100 companies.
United Bank Limited (UBL) pushed the market with its 183.57 points. Attock Refinery (ATRL), China Energy (CNERGY), Engro Holdings (ENGRO) and Hub Power (HUBC) were among the other strong performers. Conversely, Habib Bank (HBL), Millat Tractors (MTL), Mari Energies (MARI), Engro Fertilizers (EFERT) and Service Industries (SRVI) weighed on the performance.
The Islamic KMI-30 index followed a similar path, gaining 492.98 points (or 0.20%) to finish at 247,816.35. Key support for gains in ATRL, PRL, ENGRO, NRL and HUBC kept the index afloat, while declines in MARI, EFERT, MEBL, AIRLINK and SNGP helped to lower the index.
Overall, both main indices are in the negative for this year up to now, with the KSE-100 falling 2.43% and the KMI-30 decreasing 3.70%. But Monday’s modest recovery suggests investors are being selective about which stocks to buy and are staying cool.
The coming earnings, economic data and interest rates and market sentiment will probably influence the next moves in prices, according to market experts. As always, investors should do their own homework or talk to a professional advisor before making any moves.
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