PSX Closing Bell: Bears Buried Deep

May 14, 2024 (MLN): The benchmark KSE-100 index surged 732.08 points or 0.99% to close Tuesday's trading session at another record high of 74,531.19.

The index remained positive throughout the day, showing an intraday high of 74,575.31 (+776.19) and a low of 73,977.01 (+177.9) points.

The total volume of the KSE-100 index was 257.37 million shares.

In a positive development, Pakistan government and International Monetary Fund (IMF) mission officially kickstarted the discussions on further engagement with the Fund, with the country looking for a larger and longer deal.

Wall Street bank Citi expects Pakistan to reach an agreement with the IMF for a new four-year program of up to $8 billion by end-July, and recommends going long on the country’s 2027 international bond.

In Tuesday's trading session, of the 100 index companies 59 closed up, 36 closed down, while 5 were unchanged.

KSE-100 index was supported by Commercial Banks (276.76pts), Oil & Gas Exploration Companies (235.61pts), Fertilizer (152.21pts), Cement (45.82pts), and Automobile Parts & Accessories (31.98pts).

On the flip-side, the index was let down by Technology & Communication (13.42pts), Textile Composite (13.37pts), Food & Personal Care Products (12.97pts), Miscellaneous (11.48pts), and Chemical (6.33pts).

Companies adding points to the index were EFERT (121.44pts), OGDC (94.25pts), MEBL (85.23pts), MCB (63.63pts), and MARI (62.57pts).

Meanwhile, companies that dragged the index lower were TRG (12.64pts), DAWH (10.94pts), ILP (8.21pts), PSEL (7.22pts), and NESTLE (6.81pts).

In the broader market, the All-Share index closed at 48,311.72 with a net gain of 376.84 points.

Total market volume was 574.18 million shares compared to 721.60m from the previous session while traded value was recorded at Rs23.43 billion showing a decrease of Rs2.23bn.

There were 267,542 trades reported in 387 companies with 189 closing up, 178 closing down and 20 remaining unchanged.

To note, the KSE-100 has gained 33,079 points or 79.8% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 12,080 points, equivalent to 19.34%.

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