November 07, 2023 (MLN): The benchmark KSE-100 index faced a minor correction on Tuesday after crossing the 54,000 mark for the first time ever during intraday trading.
At close, the index settled at 53,735.73, down by 124.63 points or 0.23% from the previous session's closing.
This was the first negative session after six straight days of gains.
To note, the KSE-100 index 14-day relative strength index (RSI) today exceeded 90 for the first since March 2005.
In technical terms, the RSI, a technical indicator that measures the momentum of price movements, has reached an overbought territory.
The index traded in a range of 601.43 points showing an intraday high of 54,312.90 (+452.53) and a low of 53,711.47 (-148.90) points.
The total volume of the KSE-100 Index was 246.165 million shares.
Of the 100 index companies 32 closed up, 63 closed down, 2 were unchanged, while 3 remained untraded.
KSE-100 Index was let down by Oil & Gas Exploration Companies with 32.5, Commercial Banks with 27.39, Engineering with 27.02, Refinery with 26, and Textile Composite with 25.6 points.
Companies dragging the index lower were BAHL with 58.03, PSO with 21.9, PPL with 19.64, HUBC with 18.28 and PAKT with 17.15 points.
KSE-100 index was supported by Cement with 56.51, Chemical with 50.97, Fertilizer with 19.47, Automobile Assembler with 16.39, and Technology & Communication with 15.83 points.
Companies adding points to the index were LUCK with 74.55, COLG with 50.01, EFERT with 35.15, UBL with 17.51, and INDU with 17.41 points.
In the broader market, the All-Share index closed at 35,811.36 with a net loss of 87.44 points.
Total market volume was 506.075 million shares compared to 546.547 from the previous session while traded value was recorded at Rs18.26 billion showing an increase of Rs0.35bn.
There were 211,511 trades reported in 364 companies with 125 closing up, 219 closing down and 20 remaining unchanged.
| Company | Volume |
|---|---|
| CNERGY | 50,458,922 |
| PRL | 36,253,663 |
| KOSM | 34,754,500 |
| HUMNL | 26,542,500 |
| WTL | 23,144,231 |
| FCCL | 18,585,000 |
| KEL | 12,686,776 |
| OGDC | 12,020,957 |
| PIBTL | 11,698,500 |
| MLCF | 11,659,479 |
To note, the KSE-100 has gained 12,283 points or 29.63% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 13,315 points, equivalent to 32.94% in the KSE-100.
The Pakistan stock market has been enjoying a remarkable rally ever since the $3 billion Stand-By Arrangement (SBA) was reached with the International Monetary Fund (IMF) towards the end of FY23, which saved the country from a sovereign debt default.
Copyright Mettis Link News
Posted on: 2023-11-07T16:20:35+05:00
