PSX Closing Bell: Bide One's Time

January 08, 2023 (MLN): The benchmark KSE-100 index opened the week on a positive note and hit its intraday high of 65,069 after gaining 554 points.

However, selling pressure persisted for the remainder of the session amid a lack of positive triggers, which led to a gradual decline in the market.

KSE-100 ultimately settled the day at 64,237, 278 points or 0.43% lower than its closing value of the previous session.

The index traded in a range of 885.91 points showing an intraday high of 65,069.43 (+554.54) and a low of 64,183.53 (-331.37) points.

The total volume of the KSE-100 index was 314.518 million shares.

Of the 100 index companies 26 closed up, 66 closed down, 4 were unchanged, while 4 remained untraded.

KSE-100 index was let down by Commercial Banks with 139.27, Oil & Gas Exploration Companies with 93.41, Cement with 88.15, Oil & Gas Marketing Companies with 57.01, and Technology & Communication with 46.94 points.

On the flip-side, the index was supported by Fertilizer with 210.4, Inv. Banks / Inv. Cos. / Securities Cos. with 38.35, Miscellaneous with 17.88, Synthetic & Rayon with 7.99, and Glass & Ceramics with 6.03 points.

Companies that dragged the index lower were UBL with 62.98, PPL with 47.72, OGDC with 32.56, TRG with 29.37 and PSO with 26.91 points.

On the other hand, companies that added points to the index were ENGRO with 153.13, EFERT with 76.55, DAWH with 38.93, PSEL with 17.74, and IBFL with 7.99 points.

It is worth noting that the share price of ENGRO saw its largest increase in over two months today, the first session after Topline Securities released its report to reiterate its buy rating.

In the broader market, the All-Share index closed at 43,116.34 with a net loss of 250.26 points.

Total market volume was 484.013 million shares compared to 949.559 from the previous session while traded value was recorded at Rs12.74 billion showing a decrease of Rs6.61bn.

There were 186,823 trades reported in 356 companies with 103 closing up, 222 closing down and 31 remaining unchanged.

To note, the KSE-100 has gained 22,784 points or 54.96% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 1,786 points, equivalent to 2.86%.

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