Karachi: The Karachi Stock Exchange (KSE) continued its bullish trend despite news of Pakistan's stocks being downgraded to Frontier Market status, as reported by Bloomberg. The KSE-100 index peaked at an intra-day high of 80,888 points before settling at 80,283, marking a modest gain from the previous day.
According to JS Global, the market exhibited range-bound activity after the initial surge, influenced by the downgrade announcement. The firm advises investors to capitalize on this momentum by booking profits at higher levels and considering any dips as buying opportunities, particularly in sectors like cement, steel, oil and gas, and technology.
The trading session reflected mixed responses across various indices and stocks. While the KSE-30 index saw a slight decline, the broader KSE-100 index recorded gains. Among the gainers, stocks like PSX and PGLC saw significant percentage increases, whereas sectors like fertilizers and banking experienced some of the largest drops, indicating a diverse reaction to market conditions.
JS Global highlighted that despite the downgrade, the market's resilience is evident from its ability to maintain upward momentum and its capacity to absorb shocks, suggesting a cautiously optimistic outlook for investors moving forward.