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PSX Summary February 28, 2024: Bullish Momentum Leads to Gains

On February 28, 2024, the Pakistan Stock Exchange (PSX) witnessed a notable turnaround, embracing a bullish trend that propelled the 100-index to gain 484.35 points. This positive change of 0.77 percent marked a significant shift, closing the day at 63,703.45 points, compared to the previous trading day’s 63,219.10 points.

The trading activity on this particular day showcased robust market dynamics, with a total of 461,390,885 shares valued at Rs 16.000 billion being exchanged. This reflected an uptick from the previous day’s trading, where 409,962,895 shares worth Rs 14.675 billion were traded. The increased trading volume indicates heightened investor participation and a surge in market activity.

In the bustling stock market, a total of 355 companies actively transacted their shares. Of these, 180 companies recorded gains, adding to the positive sentiment, while 149 sustained losses. The share prices of 26 companies remained unchanged, contributing to the overall stability of the market.

The top three trading companies on this day were Cnergyico PK, leading with 62,181,107 shares at Rs 4.39 per share, followed by K-Electric Limited with 45,494,078 shares at Rs 4.79 per share, and Hascol Petrol with 30,485,000 shares at Rs 7.98 per share. These companies played a pivotal role in driving the day’s trading activity.

Among the notable individual stock movements, Unilever Pakistan Foods Limited experienced a substantial increase of Rs 655.00 per share, closing at Rs 21,800.00. Premier Sugar Mills secured the runner-up position with a rise of Rs 33.75 per share, closing at Rs 483.75.

Conversely, Pakistan Services Limited observed a maximum decrease of Rs 50.00 per share, closing at Rs 740.00, while Bata Pakistan Limited faced a decline of Rs 25.00 per share, closing at Rs 1,700.00.

The PSX’s performance on February 28, 2024, reflects the dynamic nature of the stock market, with investors responding to market trends and individual stock movements. The bullish momentum and increased trading activity suggest a positive outlook for the financial landscape, laying the foundation for potential future growth and investment opportunities.

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