November 21, 2024 (MLN): Pakistan's benchmark stock index closed in on the historic 100,000 mark as investors continued to pile into stocks amid positive macroeconomic indicators and falling bond yields.
The KSE-100 Index jumped 1,781.94 points or 1.86% to a record 97,328.39 on Thursday. It is up 34,877 points or 55.85% so far this year.
Gains in today's session were led largely by the Fertilizer sector, adding over 1,155pts to the index. Fauji Fertilizer Bin Qasim and Fauji Fertilizer Company climbed as much as 10% daily limit.
According to analysts, stocks are expected to rally further by over 20% by the end of next year on the back of improving macro indicators and falling bond yields which is flushing more liquidity in equities.
Mutual funds have piled over $129 million into Pakistani stocks since January as bond yields fall. The State Bank of Pakistan has cut interest rates by a cumulative 700bps to 15% from 22% in May 2024.
The index traded in a range of 2,136.94 points showing an intraday high of 97,437.15 (+1,890.70) and a low of 95,300.21 (-246.24) points.
The total volume of the KSE-100 Index was 323.53 million shares.
Of the 100 index companies 61 closed up, 37 closed down, while 2 were unchanged.
Top gainers during the day were FFBL (+10.00%), GLAXO (+10.00%), FFC (+10.00%), PSEL (+9.99%), and FATIMA (+8.87%).
On the other hand, top losers were MEHT (-6.85%), KOSM (-6.46%), EFUG (-3.56%), LOTCHEM (-2.45%), and NCPL (-1.83%).
In terms of index-point contributions, companies that propped up the index were FFC (+675.25pts), EFERT (+205.36pts), ENGRO (+115.39pts), FFBL (+101.01pts), and OGDC (+99.21pts).
Meanwhile, companies that dragged the index lower were HUBC (-38.35pts), MEHT (-26.98pts), MARI (-20.89pts), SYS (-20.11pts), and TRG (-14.06pts).
Sector-wise, KSE-100 Index was supported by Fertilizer (+1,155.71pts), Oil & Gas Exploration Companies (+135.07pts), Pharmaceuticals (+123.59pts), Commercial Banks (+88.97pts), and Inv. Banks / Inv. Cos. / Securities Cos. (+70.64pts).
While the index was let down by Technology & Communication (-38.48pts), Insurance (-9.18pts), Chemical (-6.31pts), Textile Spinning (-4.28pts), and Power Generation & Distribution (-4.10pts).
In the broader market, the All-Share Index closed at 62,132.63 with a net gain of 950.46 points or 1.55%.
Total market volume was 969.91 million shares compared to 1,138.41m from the previous session while traded value was recorded at Rs35.17 billion showing a decrease of Rs2.31bn.
There were 373,295 trades reported in 455 companies with 249 closing up, 165 closing down, and 41 remaining unchanged.
| Symbol | Price | Change % | Volume |
|---|---|---|---|
| WTL | 1.38 | 7.81% | 95,563,962 |
| PACE | 5.81 | 5.83% | 51,499,190 |
| KOSM | 8.4 | -6.46% | 48,260,119 |
| KEL | 5.39 | 3.26% | 44,585,332 |
| TBL | 16.78 | 10.03% | 42,849,466 |
| WAVESAPP | 11.46 | -0.86% | 41,650,133 |
| PIAHCLA | 18.63 | 4.78% | 33,841,692 |
| FFL | 11.47 | 1.06% | 25,303,681 |
| CNERGY | 4.63 | 3.58% | 25,120,112 |
| TELE | 8.31 | 0.97% | 22,295,781 |
Copyright Mettis Link News
Posted on: 2024-11-21T15:59:14+05:00
