PSX Closing Bell: Breath of Fresh Air

September 13, 2024 (MLN): Pakistan stocks surged on Friday fueled by a larger-than-anticipated interest rate cut and optimism surrounding the upcoming meeting between Pakistan and the IMF on September 25 to finalize the $7 billion Extended Fund Facility (EFF) program.

The benchmark KSE-100 Index surged above the key 80,000 level before paring some of its gains. The index settled the day at 79,333.05, showing an increase of 315.44 points or 0.40%.

The index remained positive throughout the day showing an intraday high of 80,016.73 (+999.12) and a low of 79,262.72 (+245.11) points.

The total volume of the KSE-100 Index was 191.85 million shares.

Of the 100 index companies 49 closed up, 49 closed down, 1 was unchanged, while 1 remained untraded.

Top gainers during the day were SRVI (+6.15%), PIBTL (+4.14%), PKGS (+3.87%), NCPL (+3.43%), and JVDC (+3.04%).

On the other hand, top losers were SHFA (-5.93%), DGKC (-4.24%), KOHC (-3.31%), MUGHAL (-2.49%), and GLAXO (-2.44%).

In terms of index-point contributions, companies that propped up the index were EFERT (+81.94pts), OGDC (+73.04pts), FFC (+52.44pts), SRVI (+44.54pts), and HUBC (+36.61pts).

Meanwhile, companies that dragged the index lower were UBL (-31.50pts), MEBL (-25.35pts), DGKC (-24.87pts), KOHC (-19.45pts), and HBL (-17.55pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+141.30pts), Fertilizer (+125.98pts), Leather & Tanneries (+44.54pts), Power Generation & Distribution (+36.47pts), and Oil & Gas Marketing Companies (+24.80pts).

While the index was let down by Cement (-77.10pts), Commercial Banks (-43.34pts), Inv. Banks / Inv. Cos. / Securities Cos. (-13.83pts), Refinery (-10.53pts), and Miscellaneous (-8.19pts).

In the broader market, the All-Share Index closed at 51,156.65 with a net gain of 181.72 points or 0.36%.

Total market volume was 916.05 million shares compared to 584.28m from the previous session while traded value was recorded at Rs21.24 billion showing an increase of Rs4.87bn.

There were 292,582 trades reported in 437 companies with 184 closing up, 210 closing down, and 43 remaining unchanged.

To note, the KSE-100 has gained 888 points or 1.13% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,882 points, equivalent to 27.03%.

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