Pakistan’s stock market had an unsettled week in October. The benchmark KSE-100 index swung around the 165,000-point mark as investors reacted to news about oil prices, politics and the economy. The market opened the week on a weak note but found buyers later.
On Tuesday, October 13, the index fell by about 348 points to close at 164,776 points, according to market reports. Selling was seen in banking, fertiliser and technology shares. Trading volume stood at around 384 million shares, showing that investors were active even on a down day.
Two days later, on October 15, buying returned and the index gained nearly 769 points to close at 166,186 points. Technology, pharmaceutical and fertiliser stocks led the recovery, and more than 500 million shares changed hands in a busy session.
What moved the market
Analysts said investors were responding to high oil prices, political uncertainty and earnings results from big companies. Middle East tensions kept energy stocks in focus, while upcoming results from banks and cement firms kept traders cautious.
Traders said foreign investors were net buyers on the recovery day, which helped lift confidence. Local mutual funds also stepped in to pick up shares at lower prices, according to dealers.
Market watchers said sentiment could stay mixed in the coming sessions. They advised small investors to stay calm and avoid panic selling during sharp moves.
Outlook
Dealers expect the market to take direction from petroleum prices, the IMF programme and company results. If buying continues, the index may try to climb back towards 168,000 points, they said. For now, the 164,000 level is seen as near-term support.
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