PSX Closing Bell: Back against the wall

August 28, 2023 (MLN): The benchmark KSE-100 index continued its downward trend on Monday, shedding 192.6 points or 0.40% DoD to close at 47,478.61.

The market saw cautious trading today, as it swung between 47,733.5 (+62.28) and 47,399.27 (-271.95) points throughout the session.

Total Volume of the KSE100 Index was 97.814 million shares.

Of the 100 index companies 31 closed up, 61 closed down, 2 were unchanged while 6 remained untraded.

KSE100 Index was let down by Oil & Gas Exploration Companies with 56.52, Cement with 47.59, Technology & Communication with 26.82, Oil & Gas Marketing Companies with 25.41 and Pharmaceuticals with 22.63 points.

Companies dragging the index lower were OGDC with 39.36, PPL with 32.75, LUCK with 31.14, TRG with 19.26 and HUBC with 17.2 points.

The Fertilizer sector added 17.28 points to the index, led by Fatima, which reported its half-yearly earnings of Rs5.13bn [EPS: Rs2.44], down 12% YoY. The company also declared an interim cash dividend of Rs1.75 per share.

Other sectors supporting the KSE100 index were Inv. Banks / Inv. Cos. / Securities Cos. with 10.68, Tobacco with 8.87, Automobile Parts & Accessories with 4.33 and Commercial Banks with 2.66 points.

Companies adding points to the index were HMB with 35.62, POL with 16.29, KAPCO with 14.7, FATIMA with 11.94 and FFC with 11.37 points.

In the broader market, the All-Share index closed at 31,508.55 with a net loss of 123.05 points.

Total market volume was 184.138 million shares compared to 192.037 from the previous session while traded value being recorded at 6.47 billion showing a decrease of Rs.0.06 billion.

There was 94,012 trades reported in 313 companies with 90 closing up, 202 closing down and 21 remaining unchanged.

On the economic front, the Pakistani Rupee (PKR) continued to take a beating and settled at another all-time low of 302 per US Dollar.

High demand for the dollar, a 30% MoM increase in imports in July, and many individuals hoarding dollars are continuously putting pressure on the rupee’s value.

KSE-100 Weekly time-frame chart

Copyright Mettis Link News