February 07, 2024 (MLN): The local stock market extended its rally from yesterday as investors remain optimistic ahead of tomorrow’s general elections.
PSX's key benchmark KSE-100 index closed Wednesday's trading session at 64,143.87 showing an increase of 344.85 points or 0.54%.
The index remained positive throughout the day, showing an intraday high of 64,196.62 (+397.60) and a low of 63,927.29 (+128.27) points.
The total volume of the KSE-100 index was 194.742 million shares.
History shows investing in Pakistan stocks before an election has been a profitable strategy, regardless of the polls' outcome.
Those who bought the KSE-100 Index the day prior to a national election gained an average 7.5% in the month following the past six polls, ever since the KSE-100 index was introduced.
The rally has typically continued, with the gauge advancing 18% on average in the next three months and 20% in the next six months.
In today's session, of the 100 index companies 62 closed up, 26 closed down, 6 were unchanged, while 6 remained untraded.
KSE-100 index was supported by Power Generation & Distribution with 105.38, Commercial Banks with 95.24, Cement with 43.38, Fertilizer with 42.93, and Miscellaneous with 25.66 points.
On the contrary, the index was let down by Oil & Gas Exploration Companies with 60.09, Inv. Banks / Inv. Cos. / Securities Cos. with 6.68, Insurance with 6.09, Transport with 4.89, and Close – End Mutual Fund with 2.5 points.
Companies adding points to the index were HUBC with 98.56, MEBL with 27.79, EFERT with 25.41, PSEL with 24.34, and UBL with 23.69 points.
Meanwhile, companies that dragged the index lower were OGDC with 96.18, FABL with 11.08, DAWH with 9.02, AICL with 6.09 and PIBTL with 4.89 points.
In the broader market, the All-Share index closed at 43,314.01 with a net gain of 166.04 points.
Total market volume was 327.592 million shares compared to 330.922 from the previous session while traded value was recorded at Rs14.31 billion showing a decrease of Rs0.92bn.
There were 159,640 trades reported in 356 companies with 203 closing up, 125 closing down and 28 remaining unchanged.
| Company | Volume |
|---|---|
| KEL | 44,379,925 |
| OGDC | 24,951,384 |
| PAEL | 21,266,442 |
| PRL | 18,717,352 |
| CNERGY | 17,227,472 |
| PIAA | 15,465,000 |
| TPLP | 15,423,997 |
| PPL | 14,223,153 |
| WTL | 13,059,241 |
| PIBTL | 7,754,000 |
To note, the KSE-100 has gained 22,691 points or 54.74% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 1,693 points, equivalent to 2.71%.
Copyright Mettis Link News
Posted on: 2024-02-07T16:22:41+05:00
