Karachi, August 23, 2023: In the ever-fluctuating landscape of the Karachi Stock Exchange (KSE-100), investors found themselves perched on the edge of their seats as the market embarked on a rollercoaster ride.
This week, the KSE-100 index demonstrated its characteristic resilience, navigating through choppy waters and landing firmly within the coveted support zone of 46,000 to 47,000 points.
Tuesday’s trading session saw the market testing its mettle, with the day’s low touching 47,007.65 points. However, as the day drew to a close, the KSE-100 index regained its composure, concluding at 47,418.63 points.
Two notable players, Pakistan State Oil (PSO) and Bank Alfalah (BAHL), emerged as key movers in this dynamic environment.
PSO, with a modest but significant uptick of 1.48 per cent, raised eyebrows as it released its fiscal year 2023 earnings. Surprise was the prevailing sentiment as the company reported an impressive FY23 EPS of PKR 12.06 and a dividend per share (DPS) of PKR 7.5, surpassing even the most optimistic street expectations.
On the other hand, BAHL stock surged by an impressive 7.37 per cent. The bank revealed its first-half 2023 earnings, reporting an EPS of PKR 16.27 and a DPS of PKR 4.5.
These stellar figures sent shockwaves through the market, solidifying BAHL’s position as a strong performer in these tumultuous times.
Despite the uncertainty and the temptation to panic-sell during market troughs, seasoned investors have been heard advising caution. As the KSE-100 index hovers in the support zone, market observers suggest that now is the time to be on high alert.
“This is where you start buying for the next advance towards the coveted 50,000-point mark,” quipped one astute market analyst. It’s a reminder that in the world of investing, fortune favors the bold, and bull markets have a penchant for scaling the walls of worry.
The resilience and adaptability of Pakistan’s bull market are undeniable. With the upcoming week, all eyes remain fixed on the pivotal 48,000-point threshold, as investors and analysts watch closely for any signs of a sustained rebound.
