PSX Closing Bell: Comeback

November 01, 2024 (MLN): Pakistan stocks rebounded ahead of Monday's monetary policy review as traders scooped up shares at lower prices after a two-day slump.

The benchmark KSE-100 Index surged 1,893.09 points or 2.13% to score its biggest daily gain since June. The gauge closed at 90,859.85.

Market sentiment remained upbeat ahead of monetary policy meeting, wherein the central bank is expected to cut its key interest rate further by 200bps.

Meanwhile, official report Friday showed consumer prices rose 7.17% over the prior year in October compared to a gain of 6.93% last month, and higher than the market expectations of 6.8%.

A slightly hotter inflation report did little to alter bets that SBP will continue to deliver big cuts in efforts to revive a fragile economy.

Throughout today's session, the index traded in a range of 2,280.60 points showing an intraday high of 91,133.28 (+2,166.52) and a low of 88,852.68 (-114.08) points.

The total volume of the KSE-100 Index was 230.03 million shares.

Of the 100 index companies 72 closed up, 27 closed down, while 1 was unchanged.

Top gainers during the day were CHCC (+8.07%), SNGP (+7.52%), GLAXO (+7.48%), PPL (+7.33%), and HGFA (+7.00%).

On the other hand, top losers were PGLC (-9.38%), FCEPL (-4.87%), YOUW (-2.62%), KOSM (-2.56%), and JVDC (-2.51%).

In terms of index-point contributions, companies that propped up the index were UBL (+312.48pts), PPL (+224.90pts), OGDC (+154.12pts), LUCK (+111.87pts), and PSO (+104.44pts).

Meanwhile, companies that dragged the index lower were SRVI (-12.88pts), FCEPL (-10.35pts), FABL (-8.87pts), ABOT (-8.58pts), and TRG (-7.44pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+510.38pts), Oil & Gas Exploration Companies (+445.23pts), Cement (+330.99pts), Oil & Gas Marketing Companies (+156.16pts), and Fertilizer (+117.98pts).

While the index was let down by Leather & Tanneries (-12.88pts), Property (-4.24pts), Paper, Board & Packaging (-3.66pts), Sugar & Allied Industries (-3.02pts), and Miscellaneous (-1.62pts).

In the broader market, the All-Share Index closed at 57,872.06 with a net gain of 958.37 points or 1.68%.

Total market volume was 465.87 million shares compared to 546.27m from the previous session while traded value was recorded at Rs23.09 billion showing a decrease of Rs1.03bn.

There were 222,179 trades reported in 430 companies with 220 closing up, 156 closing down, and 54 remaining unchanged.

To note, the KSE-100 has gained 12,415 points or 15.83% during the fiscal year, whereas it has increased 28,409 points or 45.49% so far this calendar year.

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