PSX Closing Bell: 24K Magic

November 23, 2023 (MLN): The benchmark KSE-100 Index maintained its bullish momentum on Thursday and closed the trading session at 58,899.84, showing a surge of 701.08 points or 1.2%.

The index remained positive throughout the day, showing an intraday high of 58,920.41 (+721.65) points.

The total volume of the KSE-100 Index was 306.644 million shares.

Of the 100 index companies 59 closed up, 19 closed down, 1 was unchanged, while 21 remained untraded.

The positivity continues to be fueled by hopes of better economic conditions, following the International Monetary Fund (IMF)’s preliminary approval for the release of the next loan tranche under the current $3 billion loan program.

Upon approval, Pakistan will have access to SDR 528 million, which is around $700 million.

The KSE-100 index was supported by Commercial Banks with 340.84, Technology & Communication with 184.01, Cement with 51.28, Miscellaneous with 40.13, and Fertilizer with 30.25 points.

Companies adding points to the index were MEBL with 118.71, SYS with 109.97, TRG with 57.67, HMB with 51.49, and MARI with 38.58 points.

KSE-100 Index was let down by Oil & Gas Exploration Companies with 50.23, Power Generation & Distribution with 32.51, Oil & Gas Marketing Companies with 11.4, Chemical with 7.3, and Paper & Board with 4.89 points.

Companies dragging the index lower were OGDC with 51.85, PPL with 36.06, HUBC with 31.87, COLG with 17.13 and PSO with 11.21 points.

In the broader market, the All-Share index closed at 39,473.92 with a net gain of 398.45 points.

Total market volume was 669.250 million shares compared to 596.218 from the previous session while traded value was recorded at Rs25.23 billion showing an increase of Rs3.18bn.

There were 274,343 trades reported in 390 companies with 225 closing up, 139 closing down and 26 remaining unchanged.

To note, the KSE-100 has gained 17,447 points or 42.09% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 18,479 points, equivalent to 45.72% in the KSE-100.

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