The bull market roars on: Investors remain optimistic despite inflationary pressures

February 02, 2023 (MLN): Pakistan's stock market saw a positive change on Thursday, as the benchmark KSE-100 index gained 113.56 points to close at 40,733.51.

Despite some economic challenges such as inflationary pressure, a depreciating rupee, and a high policy rate, investors remained optimistic about the IMF's ninth tranche.

The market saw a rangebound session throughout the day, with a total of 66.82 million shares traded, a decrease of 22.64% from the previous day.

Out of the 91 companies traded, 45 saw an increase in shares, 44 saw a decrease, and 2 remained unchanged.

The sectors that made the most positive contribution to the index were fertilizer, power gencos, cement, technology, and investment banks.

The volume leaders on the benchmark index were PPL, OGDC, SEARL, HUBC, and ENGRO. These companies saw a combined total of 25.74mn shares traded.

The top gaining stocks for the day included NESTLE, which saw a 1.82% increase, MARI with a 2.30% increase, LUCK with a 2.89% increase, ARPL with a 2.19% increase, and ENGRO with a 2.79% increase.

However, the market also saw some losses, with PSEL leading the way with a 7.50% decrease.

Other stocks that saw a decrease included COLG with a 0.96% decrease, LCI with a 1.03% decrease, GADT with a 1.18% decrease, and NATF with a 1.39% decrease.

Overall, the positive close on Thursday suggests that despite some economic challenges, the market remains optimistic and is seeing growth. With the IMF's ninth tranche on the horizon, investors may be looking to capitalize on potential market growth in the near future.

Copyright Mettis Link News