PSX Closing Bell: A Hiccup

July 30, 2024 (MLN): The benchmark KSE-100 Index concluded Tuesday's trading session at 78,628.80, showing a decrease of 198.94 points or 0.25%.

The index traded in a range of 808.81 points showing an intraday high of 79,327.04 (+499.30) and a low of 78,518.23 (-309.51) points.

The total volume of the KSE-100 Index was 143.37 million shares.

The State Bank of Pakistan (SBP) on Monday lowered its key policy rate by another 100 basis points to 19.5%, in line with the market expectations.

The reduction was the second in a row, bringing the total decrease since June 2024 to 250bps.

Of the 100 index companies 30 closed up, 68 closed down, while 2 were unchanged.

Top losers during the day were FCCL (-3.95%), DGKC (-3.41%), MLCF (-2.99%), DAWH (-2.94%), and TRG (-2.85%).

On the other hand, top gainers were FFC (+5.03%), PSEL (+4.94%), HABSM (+4.75%), AKBL (+4.15%), and KTML (+3.54%).

 Fauji Fertilizer Company Limited's (PSX: FFC) earnings jumped almost three times during the quarter ending June 2024 to Rs15.55 billion [EPS: Rs12.22].

The company also rewarded its shareholders with an interim cash dividend of Rs10 per share.

In terms of index-point contributions, companies that dragged the index lower were EFERT (-63.91pts), DAWH (-47.78pts), HBL (-46.06pts), FCCL (-24.19pts), and DGKC (-21.70pts).

Engro Fertilizers Limited (PSX: EFERT) was the biggest drag for KSE-100 Index today, and closed down 1.96%.

Investors are keeping a close eye on the stock as the company’s board meeting, which started at 10:00am, is still in progress.

The meeting will approve the financial statements for the period ending June 30, 2024, and consider any potential entitlements.

Meanwhile, companies that added points to the index were FFC (+189.83pts), HUBC (+28.64pts), PSEL (+25.81pts), MTL (+19.02pts), and ENGRO (+16.90pts).

Sector-wise, KSE-100 Index was let down by Cement (-105.35pts), Oil & Gas Exploration Companies (-51.34pts), Inv. Banks / Inv. Cos. / Securities Cos. (-45.34pts), Commercial Banks (-43.83pts), and Oil & Gas Marketing Companies (-30.41pts).

While the index was supported by Fertilizer (+138.89pts), Miscellaneous (+27.96pts), Power Generation & Distribution (+22.38pts), Automobile Assembler (+15.52pts), and Pharmaceuticals (+6.81pts).

In the broader market, the All-Share Index closed at 49,892.37 with a net loss of 206.19 points or 0.41%.

Total market volume was 313.09 million shares compared to 371.09m from the previous session while traded value was recorded at Rs17.62 billion showing a decrease of Rs1.54bn.

There were 213,748 trades reported in 447 companies with 152 closing up, 239 closing down, and 56 remaining unchanged.

To note, the KSE-100 has gained 184 points or 0.23% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,178 points, equivalent to 25.90%.

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