KSE-100 index recovers 3.57% in strong intraday rebound

November 27, 2024 (MLN): After experiencing its largest percentage drop of 2024, bulls reentered the market, helping the benchmark KSE-100 Index to recover with a 3.57% gain by 10:26 AM PST.

In terms of index points, the KSE-100 index surged 3,377.25 points to trade at 97,951.41

During early trading, the KSE-100 Index remained in the green, hitting an intraday high of 98,315.19 (+3,741.03) and a low of 97,188.27 (+2,614.11) points.

The sudden rebound in stocks is attributed to signs of easing protests, which have helped alleviate concerns over political uncertainty.

Yesterday, the aggressive bears took center stage at the trading desk and triggered a massive sell-off due to the political unrest currently prevailing in the country—a situation and result with which the country as well as the bourse is quite familiar.

In terms of index points, the index shed off 3,505.62 points, a historic decline never witnessed before.

Top gainers during the day were MEHT (+9.26%), KEL (+8.17%), MCB (+7.53%), GLAXO (+7.42%), and HINOON (+7.37%).

On the other hand, top losers were PSEL (-6.61%), FABL (-5.22%), JVDC (-3.53%), MEBL (-2.95%), and PGLC (-0.53%).

In terms of index-point contributions, companies that propped up the index were FFC (+363.15pts), MCB (+272.33pts), OGDC (+199.46pts), HBL (+189.65pts), and HUBC (+178.05pts).

Meanwhile, companies that dragged the index lower were MEBL (-102.65pts), PSEL (-46.25pts), FABL (-30.63pts), JVDC (-8.45pts), and PGLC (-0.02pts).

Commercial Banks (+870.38pts), Fertilizers (+593.87pts), Oil and gas Exploration Companies (+527.25pts), Power Generation and distribution (+278.81pts), and Cement (+213.78pts) came to the rescue and recovered their losses.

While the index was let down by Miscellaneous (-42.18pts), Property (-8.45pts), Synthetic & Rayon (-0.02pts), Leasing Companies (-0.02pts), and Woollen (+0.21pts).

In the broader market, the All-Share Index closed at 61,707.79 with a net gain of 1,923.33 points or 3.22%.

Total market volume was 241.52 million shares compared to 1,116.32m from the previous session while traded value was recorded at Rs10.03 billion showing a decrease of Rs33.27bn.

There were 83,731 trades reported in 357 companies with 304 closing up, 40 closing down, and 13 remaining unchanged.

To note, the KSE-100 has gained 19,506 points or 24.87% during the fiscal year, whereas it has increased 35,500 points or 56.85% so far this calendar year.

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