PSX Closing Bell: Bank On It

May 15, 2024 (MLN): Stocks in Pakistan opened on a positive note on Wednesday, with the benchmark KSE-100 index surging past the 75,000 level for the first time in its history.

However, profit-taking was witnessed near this level, with the index settling the trading session at 74,663.98 showing an increase of 132.79 points or 0.18%.

The index traded in a range of 674.45 points showing an intraday high of 75,115.33 (+584.14) and a low of 74,440.88 (-90.31) points.

The total volume of the KSE-100 index was 251.46 million shares.

In the latest Morgan Stanley Capital International (MSCI) May 2024 index review on Wednesday, only one Pakistani security was added to its Frontier Market Index.

“Pakistan’s weight in the FM standard index is expected to be around 3.7%,” said Arif Habib Limited (AHL) in a note.

Pakistan remains second most liquid market in MSCI FM space with an average daily traded value of $54.2m in FY24TD, the brokerage house noted.

Meanwhile, Topline Securities expects a larger increase of 30-40bps to around 4.0-4.3%.

In today's trading session, of the 100 index companies 38 closed up, 55 closed down, 6 were unchanged, while 1 remained untraded.

KSE-100 index was supported by Commercial Banks (369.87pts), Automobile Parts & Accessories (34.37pts), Food & Personal Care Products (21.71pts), Fertilizer (13.14pts), and Cement (8.86pts).

On the flip-side, the index was let down by Pharmaceuticals (64.34pts), Oil & Gas Marketing Companies (43.42pts), Oil & Gas Exploration Companies (41.99pts), Leather & Tanneries (36.55pts), and Power Generation & Distribution (26.5pts).

Searle Company’s BoD greenlights full divestment of Searle Pakistan

Companies adding points to the index were BAHL (103.01pts), UBL (93.04pts), MEBL (70.69pts), MCB (45.94pts), and EFERT (38.44pts).

Meanwhile, companies that dragged the index lower were PPL (50.6pts), SRVI (36.55pts), HINOON (32.58pts), ENGRO (29.21pts), and PSO (21.85pts).

In the broader market, the All-Share index closed at 48,463.97 with a net gain of 152.25 points.

Total market volume was 572.42 million shares compared to 574.18m from the previous session while traded value was recorded at Rs25.95 billion showing an increase of Rs2.51bn.

There were 283,483 trades reported in 381 companies with 147 closing up, 213 closing down and 21 remaining unchanged.

Fast Cables IPO: Don’t Miss the Wire

To note, the KSE-100 has gained 33,211 points or 80.12% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 12,213 points, equivalent to 19.56%.

Copyright Mettis Link News