Muhammad Asad Tahir Bhawana

Pakistan Stock Exchange (PSX) remained bullish for most of the June 5-9 week, except on Thursday when uncertainty attached to the budget for fiscal year 2023-24 weighed on the stocks’ performance. On the final day of the week (Friday), the KSE-100 Index gained 217.74 points, or a 0.52% increase from the previous session (Thursday). According to experts at Zahid Latif Khan Securities, the major triggers included the Pakistan Economic Survey’s (2022-23) promising outlook for the IT and telecom sector.

The 10 high-performing sectors on June 9

At the start of the week on Monday, the market exhibited a notable growth trajectory as KSE-100 index demonstrated a bullish trend, gaining 315 points, or 0.76%, to close at 41,668 points. The trading turnover for the day was recorded at 145 million shares, displaying a substantial increase of 45% compared to the previous session. The total traded value stood at Rs6.39 billion. According to Zahid Latif Securities, the triggers included the finance minister’s vows to present a business-friendly budget and a 49.4% cut in the trade deficit year-on-year in May.

Similarly, on Tuesday (June 6), the KSE-100 index continued its upward momentum by surging 256 points, or 0.61%, to close at 41,923 points. The trading turnover on the day stood at 241 million shares, reflecting an increase of 66% from the previous session. The cumulative traded value stood at Rs7.14 billion. Noteworthy positive contributors were the fertiliser sector, contributing 65 points, oil marketing companies 44 points, the food sector 13 points and chemical sector 22 points.

Similarly, the market also experienced an upward trajectory on Wednesday (June 7) when the KSE-100 Index took on 219 points, or 0.52%, and concluded the session at 42,143 points. The trading turnover for the day stood at 330 million shares, reflecting an increase of 38% from the previous session. The traded value stood at Rs7.17 billion.

However, after showing a positive trend during the first three days of the week, the market exhibited a downward trend on Thursday (June 8), with the KSE-100 Index shedding 456 points, or 1.08%. The market closed at 41,686 points. Analysts at Zahid Latif Khan Securities attributed the decline to uncertainties attached to the budget, which was to be presented the next day (June 9). Banks, tech, E&P, cement and fertiliser were among the negative contributors, pushing the PSX into the red zone.

Credit: Independent News Pakistan-WealthPk