PSX Closing Bell: Bring It On

September 19, 2024 (MLN): Pakistan's benchmark stock index breached 82,000 level for the first time in history after key economic reports showed the country's economy is moving towards stability.

Traders also ramped up bets for further outsized interest rate cuts by the central bank after the government unexpectedly rejected all the bids for Market Treasury Bills (MTBs) Wednesday.

The benchmark KSE-100 Index concluded Thursday's trading session at 81,459.28, showing an increase of 997.95 points or 1.24%.

The index remained positive throughout the day showing an intraday high of 82,003.58 (+1,542.25) and a low of 80,680.23 (+218.90) points.

The total volume of the KSE-100 Index was 184.89 million shares.

The country's current account posted a surplus of $75 million after three consecutive monthly deficits. In the first two months of current fiscal year, the deficit narrowed by 80.9% to $171m from $893m in 2MFY24.

The external account position improved largely due to home remittances despite upsurge in imports.

Moreover, the cash-strapped nation attracted $214m Foreign Direct Investment (FDI) in August, up 50.7% compared to the same period last year (SPLY). The country also received $165m through Roshan Digital Accounts (RDA) during the month.

Pakistan's inflation rate fell to single digits in August after almost three years. The consumer price gains are expected to further slow in September, according to MG Research calculations.

The International Monetary Fund's (IMF) board is also scheduled to take Pakistan’s 37-month Extended Fund Facility (EFF) of about $7 billion on the agenda on September 25.

Of the 100 index companies 54 closed up, 38 closed down, 7 were unchanged, while 1 remained untraded.

Top gainers during the day were LCI (+5.98%), SHFA (+5.94%), EFERT (+5.40%), APL (+5.34%), and FFC (+5.17%).

On the other hand, top losers were TRG (-7.68%), YOUW (-4.69%), PGLC (-3.85%), PIBTL (-3.70%), and PTC (-3.22%).

In terms of index-point contributions, companies that propped up the index were FFC (+217.48pts), EFERT (+188.12pts), MEBL (+113.98pts), MCB (+95.11pts), and OGDC (+74.91pts).

Meanwhile, companies that dragged the index lower were MARI (-68.19pts), TRG (-56.80pts), SRVI (-15.97pts), PKGP (-12.76pts), and NBP (-11.86pts).

Sector-wise, KSE-100 Index was supported by Fertilizer (+460.99pts), Commercial Banks (+375.31pts), Oil & Gas Exploration Companies (+86.04pts), Cement (+73.83pts), and Oil & Gas Marketing Companies (+33.85pts).

While the index was let down by Technology & Communication (-58.33pts), Leather & Tanneries (-15.97pts), Refinery (-10.39pts), Transport (-5.72pts), and Power Generation & Distribution (-3.65pts).

In the broader market, the All-Share Index closed at 52,009.78 with a net gain of 334.77 points or 0.65%.

Total market volume was 459.04 million shares compared to 400.20m from the previous session while traded value was recorded at Rs18.61 billion showing an increase of Rs2.71bn.

There were 243,755 trades reported in 468 companies with 145 closing up, 238 closing down, and 85 remaining unchanged.

To note, the KSE-100 has gained 3,014 points or 3.84% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 19,008 points, equivalent to 30.44%.

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