The Pakistan Stock Exchange experienced a day of mixed trends on Monday, as investors exercised caution ahead of the upcoming budget announcement.
Ahmed Chinoy, an economic analyst and director at the PSX, attributed the market’s stationary behavior to a combination of foreign selling and mutual fund buying, resulting in a low trading volume.
Chinoy expressed that investors are hesitant due to the imminent budget, opting to wait for clearer market conditions before making significant moves. Despite this cautious approach, the market’s stability is viewed positively by investors, he conveyed.
The daily report revealed that out of 465 ready market companies, 222 saw gains, 199 experienced losses, and 44 remained unchanged. In the future market, 121 companies increased, 192 decreased, and 5 stayed the same. The KSE100 index saw a slight increase of 40.49 points, closing at 119,689.63, while the KSE30 index dropped by 36.41 points to 36,564.76.
Turnover in the ready market reached 425 million shares, with a traded value of approximately 22.2 billion PKR. Notable companies with significant turnover included Fauji Foods Ltd, which closed at 16.28 PKR with over 60 million shares traded.
While companies like PIA Holding Company LimitedB and Rafhan Maize Products Company Limited saw significant rate increases, others like Bhanero Textile Mills Limited and Hoechst Pakistan Limited experienced notable declines. Investors remain watchful as they navigate the market’s current landscape, awaiting postbudget clarity.