PSX Closing Bell: Can't Stop, Won't Stop

October 08, 2024 (MLN): Pakistan stock market extended its blistering rally to yet another all-time high as improvement in economic conditions continued to boost sentiment.

Despite the index heavyweight Hub Power plunging over 8%, the equity benchmark KSE-100 Index jumped 753.68 points or 0.89% to close Tuesday’s trading session at a record 85,663.97.

The rally was broad-based, with 63 of stocks in the KSE-100 closing in green.

According to an MG Research report, the October-December quarter has historically been the best period for stock market. Since 1992, KSE-100 has climbed an average 6.6% in the final three months of the year.

The index traded in a range of 926.29 points showing an intraday high of 85,824.27 (+913.98) and a low of 84,897.98 (-12.31) points.

The total volume of the KSE-100 Index was 283.71 million shares.

Top gainers during the day were HBL (+6.70%), LCI (+6.68%), BAHL (+6.56%), BAFL (+5.94%), and HCAR (+4.86%).

On the other hand, top losers were HUBC (-8.04%), PGLC (-4.59%), NPL (-3.98%), EFUG (-2.59%), and LUCK (-2.26%).

In terms of index-point contributions, companies that propped up the index were BAHL (+165.08pts), HBL (+162.19pts), EFERT (+143.63pts), OGDC (+107.62pts), and BAFL (+87.09pts).

Meanwhile, companies that dragged the index lower were HUBC (-304.05pts), MARI (-59.55pts), LUCK (-58.85pts), UBL (-19.87pts), and FCCL (-16.73pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+515.86pts), Fertilizer (+260.53pts), Oil & Gas Exploration Companies (+140.66pts), Chemical (+41.57pts), and Inv. Banks / Inv. Cos. / Securities Cos. (+36.87pts).

While the index was let down by Power Generation & Distribution (-319.07pts), Cement (-39.41pts), Refinery (-9.68pts), Tobacco (-8.78pts), and Paper, Board & Packaging (-6.97pts).

In the broader market, the All-Share Index closed at 54,485.33 with a net gain of 463.29 points or 0.86%.

Total market volume was 506.57 million shares compared to 449.51m from the previous session while traded value was recorded at Rs33.05 billion showing an increase of Rs2.85bn.

There were 292,192 trades reported in 446 companies with 192 closing up, 192 closing down, and 62 remaining unchanged.

To note, the KSE-100 has gained 7,219 points or 9.20% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 23,213 points, equivalent to 37.17%.

The bullish momentum is largely been driven by the International Monetary Fund (IMF) board’s approval of a $7 billion loan, a slump in bond yields amid a larger-than-expected drop in September inflation, and an improvement in central bank's reserves.

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