PSX Closing Bell: Caught in a Quagmire

September 12, 2023 (MLN): The benchmark KSE-100 index continued its downward trend, closing Tuesday's trading session at 45,508.4, reflecting a decrease of 357.34 points or 0.78% compared to the previous session.

The index struggled to maintain any significant buying momentum, indicating a lack of buying interest in the market.

Investors' key focus remains on the upcoming Monetary Policy Committee (MPC) meeting scheduled for September 14.

The index traded in a range of 434.45 points showing an intraday high of 45,902.72 (+36.99) and a low of 45,468.27 (-397.46) points.

The total volume of the KSE100 Index was 58.399 million shares.

Of the 100 index companies 18 closed up, 68 closed down, 6 were unchanged while 8 remained untraded.

KSE100 Index was let down by Oil & Gas Exploration Companies with 100.72, Commercial Banks with 61.73, Cement with 40.75, Inv. Banks / Inv. Cos. / Securities Cos. with 37.84 and Technology & Communication with 27.27 points.

Companies dragging the index lower were OGDC with 48.97, MCB with 37.09, DAWH with 35.35, LUCK with 31.12 and BAHL with 29.28 points.

On the flip side, HUBC was one of the few companies that added points to the index on Tuesday, despite the overall bearish trend. This was likely due to its impressive financial results for the year 2023 that were unveiled today.

HUBC reported a significant twofold rise in profitability to Rs62 billion [EPS: Rs44.37] compared to Rs29.58bn [EPS: Rs21.95] in the same period last year. HUBC also announced a final cash dividend of Rs6 per share i.e. 60%.

KSE100 index was supported by Power Generation & Distribution with 14.04, Synthetic & Rayon with 4.01, Automobile Assembler with 3.42, Modarabas with 0.98 and Leather & Tanneries with 0.98 points.

Companies adding points to the index were UBL with 44.63, HUBC with 21.54, IBFL with 4.01, SCBPL with 3.9 and PIOC with 2.97 points.

In the broader market, the All-Share index closed at 30,377.13 with a net loss of 243.61 points.

Total market volume was 126.342 million shares compared to 213.198 from the previous session while traded value was recorded at 4.99 billion showing a decrease of Rs.3.21 billion.

There were 80,003 trades reported in 293 companies with 73 closing up, 195 closing down and 25 remaining unchanged.

KSE-100 Historical Performance

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