Karachi, The Karachi Stock Exchange's benchmark KSE100 index fell by 159 points, closing at 72,602 as investors engaged in profit-taking activities across various sectors. This slight retreat comes despite the market opening positively and reaching an intraday high of 73,079 points.
According to JS Global, the day's trading volume stood at 970 million shares. WTL, KEL, HUMNL, PAEL, and SLGL were among the highest contributors to the traded volume. Despite the day's losses, JS Global analysts recommend that investors consider any further downside as an opportunity to buy, especially in the Fertilizer, Cement, and Textile sectors, which are viewed as potentially resilient amidst economic fluctuations.
The report from JS Global also provides a broader economic context, noting that the year-to-date index growth remains robust with the KSE100 up 16.25% and KSE30 up 13.29%. However, the report cautions about potential risks that could impact the market, including slippages in tax collection or unexpected rises in expenditures beyond mark-up expenses.
Moreover, JS Global highlighted the ongoing restructuring within Pakistan's financial landscape, emphasizing the significant role of State Bank of Pakistan (SBP) profits, which have seen a record high due to elevated Open Market Operations. The analysts are keenly tracking the FY24 fiscal accounts, with the possibility of Pakistan reporting a primary surplus for the first time in 20 years, a scenario last observed in FY04.
In terms of market specifics, the trading session saw particular activity among stocks like WTL, KEL, and HUMNL, with notable movements also observed in stocks such as PAEL, which experienced a drop in share price. On the positive side, stocks like SRVI, GLAXO, and EFUG saw appreciable gains, reflecting a mix of investor reactions to current market conditions and economic expectations.
As investors and analysts watch the evolving economic indicators, JS Global remains focused on providing detailed insights and strategic guidance to navigate the complex investment landscape.