PSX Closing Bell: Cling to Hope

October 30, 2023 (MLN): Bulls started the week by continuing their domination in the local stock market, with the benchmark KSE-100 index surging by 539.09 points or 1.06% to close the day at 51,482.92. 

The market seems to be pricing in the central bank's decision to maintain the policy rate in today's meeting, along with expectations of a lower CPI number set to be released this week. 

Furthermore, the market is optimistic about a favorable International Monetary Fund (IMF) review that is scheduled to commence this week.

In today's session, the index remained positive throughout the day, showing an intraday high of 51,501.82 (+557.99) and a low of 50,971.84 (+28.01) points.

The total volume of the KSE-100 Index was 137.435 million shares.

Of the 100 index companies 68 closed up, 19 closed down, 1 was unchanged, while 12 remained untraded.

KSE-100 index was supported by Cement with 100.74, Fertilizer with 84.64, Power Generation & Distribution with 67.18, Inv. Banks / Inv. Cos. / Securities Cos. with 62.16, and Oil & Gas Exploration Companies with 57.16 points.

Companies adding points to the index were HUBC with 63.66, DAWH with 57.28, LUCK with 56.74, UBL with 44.92, and MEBL with 43.62 points.

KSE-100 Index was let down by Technology & Communication with 27.25, Miscellaneous with 19.22, Modarabas with 0.77, Textile Spinning with 0.2, and Real Estate Investment Trust with 0.17 points.

Companies dragging the index lower were HBL with 29.63, BOP with 19.81, SYS with 18.26, PSEL with 14.58 and TRG with 11.06 points.

In the broader market, the All-Share index closed at 34,265.21 with a net gain of 359.07 points.

Total market volume was 286.622 million shares compared to 350.835 from the previous session while traded value was recorded at Rs11.45 billion showing an increase of Rs0.84bn.

There were 143,859 trades reported in 350 companies with 232 closing up, 99 closing down and 19 remaining unchanged.

To note, the KSE-100 has gained 10,030 points or 24.2% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 11,062 points, equivalent to 27.37% in the KSE-100.

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