December 22, 2023 (MLN): After breaking free from the three-day bearish trap yesterday, the domestic equity market has once again entered the bearish zone due to political unrest.
Consequently, the benchmark KSE-100 closed the week at 61705.09, down by 4,424.93 points or 6.69% WoW.
To note, this marks the second consecutive weekly decline witnessed by the local bourse.
The week started with the market experiencing a long-overdue correction, attributed to over-leveraged positions in the market and profit-taking by investors following a prolonged rally.
The profit-taking remained so dominant in the market that it even overshadowed the favorable performance of the country's current account, which posted a surplus of $9 million in November.
The negative sentiments in today's sessions is attributed to the Supreme Court's approval of the bail for former Prime Minister Imran Khan and ex-Foreign Minister Shah Mahmood Qureshi in the cypher case.
As a result, the KSE-100 index settled around 988.47 points or -1.58% lower today and witnessed an intraday high of 62,995.22 (+301.65) and a low of 61,569.14 (-1,124.43) points.
The total volume of the KSE-100 index was 333.555 million shares.
Of the 100 index companies 14 closed up, 65 closed down, and 21 remained untraded.
KSE-100 index was let down by Oil & Gas Exploration Companies with 210.92, Commercial Banks with 193.11, Cement with 105.21, Technology & Communication with 104.79, and Power Generation & Distribution with 89.31 points.
On the flip-side, the index was supported by Miscellaneous with 5.29, Property with 1.32, Leather & Tanneries with 0.71, Textile Weaving with 0.21, and Vanaspati & Allied Industries with 0.11 points.
Companies that dragged the index lower were PPL with 100.89, HBL with 66.38, OGDC with 59.09, HUBC with 50.46 and TRG with 47.01 points.
On the other hand, companies that added points to the index were HMB with 8.01, PABC with 6.33, ILP with 6.29, SHEL with 6.18, and SCBPL with 4.05 points.
In the broader market, the All-Share index closed at 41,281.98 with a net loss of 584.40 points.
Total market volume was 671.551 million shares compared to 812.383 from the previous session while traded value was recorded at Rs13.71 billion showing a decrease of Rs2.98bn.
There were 206,091 trades reported in 352 companies with 116 closing up, 226 closing down and 10 remaining unchanged.
| Company | Volume |
|---|---|
| KEL | 113,995,869 |
| FFL | 85,999,618 |
| CNERGY | 70,076,289 |
| WTL | 40,947,382 |
| KOSM | 38,779,500 |
| HASCOL | 26,758,000 |
| PTC | 20,638,500 |
| BOP | 18,932,017 |
| PAEL | 18,198,157 |
| AGL | 16,497,500 |
To note, the KSE-100 has gained 20,252 points or 48.86% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 21,285 points, equivalent to 52.66%.
KEL, CNERGY, WTL and PTC have retained their position as the top-volume leaders due to respective developments surrounding these companies.
In a recent development, CNERGY's Board has approved the draft Scheme of Arrangement for the corporate reorganization and restructuring of the company and its six wholly-owned subsidiaries to enhance the commercial structure and corporate governance of the undertakings and business units.
The talks surrounding WTl are that yesterday, its parent company (GlobalTech) extended its Merger and Reorganization agreement deadline from December 31, 2023, to March 31.
Moreover, in a positive development for KEL, the Economic Coordination Committee (ECC) has agreed to release an amount of Rs57bn as an advance subsidy in respect of K-Electric arrears.
Market participants remain attracted to the shares of PTCL since the entity finalized its deal to acquire a 100% stake in Telenor Pakistan for Rs108bn.
Copyright Mettis Link News
Posted on: 2023-12-22T17:16:01+05:00
