KSE-100 Index crosses key 80,000 level

September 18, 2024 (MLN): Pakistan's stock market continued its upward momentum on Wednesday largely uplifted by index heavyweight Mari Petroleum.

The benchmark KSE-100 Index jumped 532.82 points or 0.67% to 80,023.95 as of 10:40am. 

The index has gained 1,579 points or 2.01% since July, and a significant 17,573 points or 28.14% so far this year.

Top gainers during the day were MARI (+10.00%), GADT (+5.06%), EFUG (+4.34%), SHFA (+4.29%), and SRVI (+4.23%).

The country's major oil and gas exploration company Mari Petroleum saw its shares surge 10% for the second consecutive session following a substantial 1,340% dividend and 800% bonus shares issuance.

Such a large bonus issue can help attract smaller investors as it reduces share price by redistributing the amount of equity across a larger number of shares. It is worth noting that it does not change the overall valuation of the company.

It also provides a psychological boost to investors.

In terms of index-point contributions, companies that propped up the index were MARI (+324.69pts), MEBL (+47.46pts), SRVI (+32.06pts), LUCK (+23.01pts), and PSO (+13.92pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+350.63pts), Commercial Banks (+57.41pts), Cement (+39.14pts), Leather & Tanneries (+32.06pts), and Oil & Gas Marketing Companies (+28.71pts).

In the broader market, the All-Share Index was at 51,648.14 with a net gain of 405.09 points or 0.79%.

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