PSX Closing Bell: Climbing the Ranks

August 09, 2023 (MLN): The benchmark KSE-100 index jumped by 797.78 points or 1.68% DoD as investors cheered the news of the revolutionary scheme to tackle the gas sector’s debt crisis, consequently closing today's trading session at 48,227.6pts.

The index traded in a range of 1,072.16 points showing an intraday high of 48,334.53 and a low of 47,262.37.

Total Volume of the KSE100 Index was 183.276 million shares.

To note, the weekly decline has now been narrowed to only -0.74%

Of the 100 index companies 69 closed up, 21 closed down, 5 were unchanged while 5 remained untraded.

KSE100 index was supported by Commercial Banks with 200.05, Power Generation & Distribution with 151.09, Oil & Gas Exploration Companies with 147.4, Inv. Banks / Inv. Cos. / Securities Cos. with 86.1 and Cement with 74.53 points.

Companies adding points to the index were HUBC with 131.65, OGDC with 118.96, PPL with 78.06, DAWH with 74.64 and UBL with 67.37 points.

This positive market trend aligns with investor sentiments buoyed by the IMF's recent approval of an innovative strategy to address the gas sector's circular debt.

The essence of this scheme involves channeling the dividends of state-owned enterprises (SOEs) operating within the gas sector to alleviate their financial obligations.

KSE100 Index was let down by Miscellaneous with 18.6, Pharmaceuticals with 5.15, Automobile Parts & Accessories with 2.88, Property with 1.62 and Glass & Ceramics with 1.56 points.

Companies dragging the index lower were MARI with 58.28, PSEL with 13.84, RMPL with 9.65, EFERT with 6.48 and SEARL with 6.22 points.

In the broader market, the All-Share index closed at 31,953.32 with a net gain of 400.61 points.

Total market volume was 312.301 million shares compared to 336.078 from the previous session while traded value being recorded at 14.31 billion showing an increase of Rs.1.76 billion.

There was 156,140 trades reported in 335 companies with 207 closing up, 109 closing down and 19 remaining unchanged.

On the earnings front, Mari Petroleum Company Limited posted a profit of Rs56.13 billion [EPS: Rs420.75] in FY23, depicting a rise of 69.76% YoY, and paid a DPS of RS147 in FY23.

Similarly, Lalpir Power Limited witnessed a 52.80% YoY surge in profitability, achieving a Profit after tax of Rs2.2bn in 1HCY23, up from Rs1.44bn in 1HCY22, additionally, they announced a substantial DPS of Rs15.

On the global front, market participants are now monitoring the upcoming U.S. Consumer Price Index (CPI) figures to be released on Thursday.

KSE-100 Weekly Time-Frame chart

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