FLASHNEWS:

Karachi Stock Exchange Ends Day with Modest Gains Amid Mixed Sector Performance

Karachi, The Karachi Stock Exchange concluded trading with a modest uptick, as the KSE-100 index saw a gain of 56 points, closing at 72,685. This performance was underpinned by mixed results across various sectors, with pharmaceuticals, cement, and technology stocks advancing, while energy, fertilizers, banks, and refinery sectors witnessed profit-taking.

According to JS Global, the market opened positively and reached a high of 72,890 before settling slightly lower. The report emphasizes a strategic investment approach, recommending a "buy-on-dips" strategy for investors, particularly in the cement, pharmaceutical, and technology sectors, which are expected to offer potential growth opportunities.

The report also provided a snapshot of the day's trading activities, noting that the broader KSE30 index fell by 155.85 points, a 0.66% decline, while the KSE100 index experienced a minimal increase of 0.08%. Year-to-date, the KSE100 has risen by 16.34%, reflecting a robust gain of 75.28% for the fiscal year 2024.

On the trading floor, volume leaders included stocks like SRVI, GLAXO, and SEARL, which posted significant gains. In contrast, stocks like PSEL, EFUG, and IBFL faced the steepest declines. The total market capitalization for the day was reported at Rs 9,821.21 billion, showing a slight day-over-day increase of 0.17%.

The report also detailed the regional market performances, with mixed results across major Asian stock exchanges. Notably, China's SSEA index increased by 0.8%, while India's BSESN and Korea's KOSPI indices saw declines.