PSX Closing Bell: A Day To Remember

November 28, 2024 (MLN): The Pakistan stock market achieved its much-awaited target, with the benchmark index reaching 100,000 points. It rose by 813.52 points, or 0.82%, to settle at 100,082.77.

The index once again remained positive throughout the day showing an intraday high of 100,540.29 (+1,271.04) and a low of 99,354.24 (+84.99) points.

The total volume of the KSE-100 Index was 555.94 million shares.

The last two trading sessions generated significant activity in the market. In the first session, the KSE-100 experienced its largest percentage drop of 2024.

However, the following day, it bounced back and witnessed a remarkable 4.94% gain—its highest daily gain in nearly 16 months.

The bulls were in high spirits today, as in yesterday's auction, the government reduced cut-off yields by up to 85bps. A reduction in yields lowers the opportunity cost of investing in equities, proving bullish for the market.

Of the 100 index companies 75 closed up and 25 closed down.

Top gainers during the day were BOP (+12.74%), PTC (+10.00%), PIOC (+9.70%), MEHT (+8.99%), and TRG (+8.85%).

On the other hand, top losers were HMB (-6.46%), PKGP (-4.85%), POML (-4.83%), BAFL (-4.29%), and MCB (-4.15%).

In terms of index-point contributions, companies that propped up the index were PPL (+243.37pts), HBL (+142.99pts), OGDC (+112.03pts), LUCK (+68.62pts), and TRG (+61.69pts).

Meanwhile, companies that dragged the index lower were UBL (-195.43pts), MCB (-156.48pts), HMB (-88.03pts), MEBL (-87.85pts), and BAFL (-81.39pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+384.78pts), Cement (+279.87pts), Technology & Communication (+173.03pts), Oil & Gas Marketing Companies (+83.20pts), and Textile Composite (+61.77pts).

While the index was let down by Commercial Banks (-395.03pts), Fertilizer (-50.37pts), Power Generation & Distribution (-12.75pts), Real Estate Investment Trust (-2.90pts), and Automobile Parts & Accessories (-2.63pts).

In the broader market, the All-Share Index closed at 63,083.13 with a net gain of 691.64 points or 1.11%.

Total market volume was 1,164.79 million shares compared to 1,057.10m from the previous session while traded value was recorded at Rs39.78 billion showing an increase of Rs0.22bn.

There were 401,113 trades reported in 450 companies with 289 closing up, 117 closing down, and 44 remaining unchanged.

To note, the KSE-100 has gained 21,638 points or 27.58% during the fiscal year, whereas it has increased 37,632 points or 60.26% so far this calendar year.

Copyright Mettis Link News