KSE-100 index surges more than 1,000pts

December 02, 2024 (MLN): Pakistan's stock market continued its bull run on Monday, with the benchmark KSE-100 Index surging over 1,000 points, or 1.08%, to reach 102,453.81 during early trading hours.

Last week, the benchmark index posted its sixth consecutive weekly gain, matching the longest winning streak recorded in April.

Today's positive momentum is attributed to the anticipated easing of Pakistan's inflation for November, expected to be the lowest annual price increase in 79 months, since April 2018.

As a result, the central bank is likely to implement more substantial policy rate cuts to stimulate economic growth—another reason for the bulls to cheer.

Of the 100 index companies 85 closed up, 13 closed down, 1 were unchanged, while 1 remained untraded.

Top gainers during the day were CNERGY (+19.70%), SRVI (+10.00%), PGLC (+8.79%), MEHT (+7.56%), and PKGP (+6.42%).

On the other hand, top losers were BOP (-3.15%), BAHL (-2.79%), RMPL (-1.60%), AKBL (-1.56%), and BAFL (-1.09%).

In terms of index-point contributions, companies that propped up the index were SRVI (+92.28pts), PPL (+90.54pts), MEBL (+81.55pts), FFC (+59.06pts), and OGDC (+57.38pts).

Meanwhile, companies that dragged the index lower were BAHL (-96.37pts), BAFL (-20.43pts), HBL (-15.18pts), BOP (-12.96pts), and AKBL (-8.72pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+173.69pts), Fertilizer (+104.40pts), Leather & Tanneries (+92.28pts), Power Generation & Distribution (+76.49pts), and Technology & Communication (+75.79pts).

While the index was let down by Vanaspati & Allied Industries (+0.00pts), Woollen (+0.22pts), Leasing Companies (+0.31pts), Textile Weaving (+0.39pts), and Modarabas (+0.65pts).

In the broader market, the All-Share Index is trading at 64,738.02 with a net gain of 817.59 points or 1.28%.

To note, the KSE-100 has gained 24,009 points or 30.61% during the fiscal year, whereas it has increased 40,003 points or 64.05% so far this calendar year.

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