October 16, 2023 (MLN): The Pakistan Stock Exchange (PSX) started the week on a bullish note, with the benchmark KSE-100 index marking the day’s high of 49,919 (+426pts) within the first five minutes of the trading session.

However, investors opted to lock in some profits near the psychological level of 50,000.

Resultantly, the market briefly dipped into the red, reaching an intraday low of 49,317.59 (-175.88pts) before rebounding.

At close, the KSE-100 index settled at 49,731.35 with an increase of 237.88 or 0.48% from the previous close.

The total volume of the KSE-100 Index was 296.341 million shares.

The market sentiment was further fueled today by the government’s announcement of a substantial reduction in petrol and diesel prices by Rs40 and Rs15 per litre, providing much-needed relief to consumers.

To note, KSE-100 surged by 4.2% last week on the back of continued improvement in the rupee's value against the US dollar and upcoming corporate earnings wherein the market expects decent profits.

Meanwhile, last week’s announcement by PSMC has also played a due role in boosting the buyers' sentiments today.

In today's session, of the 100 index companies 58 closed up, 37 closed down, while 5 remained untraded.

KSE-100 index was supported by Technology & Communication with 83.88, Engineering with 40.87, Miscellaneous with 25.37, Automobile Parts & Accessories with 18.73, and Inv. Banks / Inv. Cos. / Securities Cos. with 17.84 points.

Companies adding points to the index were TRG with 65.5, PSEL with 22.65, THALL with 18.73, MLCF with 18.12, and MCB with 17.61 points.

KSE-100 Index was let down by Fertilizer with 42.85, Chemical with 5.65, Commercial Banks with 4.62, Refinery with 3.32, and Pharmaceuticals with 2.28 points.

Companies dragging the index lower were ENGRO with 17.16, UBL with 15.66, LUCK with 15.09, MEBL with 12.62 and FFC with 12 points.

In the broader market, the All-Share index closed at 33,219.03 with a net gain of 169.62 points.

Total market volume was 467.384 million shares compared to 556.390 from the previous session while traded value being recorded at Rs14.12 billion showing a decrease of Rs1.33bn.

There were 189,955 trades reported in 359 companies with 218 closing up, 129 closing down and 12 remaining unchanged.

To note, the KSE-100 has gained 8,279 points or 19.97% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 9,311 points, equivalent to 23.04% in the KSE-100.

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Posted on: 2023-10-16T16:21:44+05:00