PSX Closing Bell: Ain't No Mountain High Enough

July 31, 2023 (MLN): The benchmark KSE-100 index crossed the 48,000 point mark after 24 months, last seen in August 2021, with the KSE-100 gaining a staggering 957.6 points or 2.03% DoD to close at 48,034.6pts.

Market confidence was further elevated as more favorable news emerged during the long weekend.

To note, the market gained 6,582pts or +15.9% since staff level agreement with the IMF for SBA, and was the highest monthly points gain ever.

The index remained positive throughout today's session touching an intraday high of 48,126.5.

Total Volume of the KSE100 Index was 315.677 million shares.

Of the 100 index companies 77 closed up, 18 closed down, 2 were unchanged while 3 remained untraded.

KSE100 index was supported by Commercial Banks with 382.0, Oil & Gas Exploration Companies with 258.89, Cement with 71.92, Oil & Gas Marketing Companies with 61.97 and Technology & Communication with 61.65 points.

Companies adding points to the index were OGDC with 125.48, HBL with 121.11, PPL with 91.95, MEBL with 87.28 and BAHL with 60.66 points.

KSE100 Index was let down by Pharmaceuticals with 6.51, Tobacco with 5.75, Miscellaneous with 3.79, Fertilizer with 3.25 and Paper & Board with 1.91 points.

Companies dragging the index lower were PSEL with 13.68, ABOT with 8.82, UNITY with 6.03, PAKT with 5.75 and FFBL with 3.71 points.

In the broader market, the All-Share index closed at 32,027.28 with a net gain of 586.15 points.

Total market volume was 491.875 million shares compared to 455.106 from the previous session while traded value being recorded at 17.88 billion showing a decrease of Rs.0.01 billion.

There was 194,014 trades reported in 355 companies with 188 closing up, 141 closing down and 26 remaining unchanged.

With respect to the economy, Federal Minister for Finance and Revenue Senator Ishaq Dar on Sunday pledged to raise the country’s foreign exchange reserves to $15 billion within the next seven weeks. The reserves, which have already increased by $4.2 billion this month, are expected to further improve the country’s economic stability.

Moreover, Ishaq Dar stated that The flights of Pakistan International Airlines (PIA) to the United Kingdom (UK) would resume by October.

On the earnings front, Nestle Pakistan Limited (PSX: NESTLE)  reported a stellar performance In 6MCY23, and announced a DPS of Rs121.

Meanwhile, market participants are closely monitoring today’s Monetary Policy Committee rate decision, wherein the market expectations are a rate pause.

Additionally, Consumer Price Index (CPI) will also be a key focus for the market tomorrow, with expectations of easing at around 26% in July 2023, offering a glimmer of hope for the nation's citizens.

KSE-100 Weekly time-frame chart

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