December 05, 2023 (MLN): The benchmark index of Pakistan Stock Exchange (PSX) continued its bullish momentum today, gaining 463 points or 0.74% to close just below the 63,000 mark.

To note, Arib Habib Limited, a prominent Brokerage House in Pakistan released a report yesterday, projecting the KSE-100 index to reach 81,000 by December 2024,

The report cited robust earnings growth, enticing valuation, increased foreign inflows, and comparatively steady economic growth as the main drivers of the market’s growth potential.

In today's session, the index traded in a range of 821.33 points showing an intraday high of 63,036.51 (+543.46) and a low of 62,215.19 (-277.87) points.

The total volume of the KSE-100 Index was 408.331 million shares.

Investors' confidence remains uplifted amid hopes of improved economic conditions following the expected inflows from IMF and friendly countries, relatively stable currency amid government-backed administrative efforts, and a possible slash in the interest rates.

Moreover, the latest trade numbers released by SBP show a trade deficit of $9.38bn, which is 33.59% lower than the same period last year.

The local currency remains relatively stable and has posted gains for the sixth consecutive session today.

Of the 100 index companies 47 closed up, 29 closed down, 1 was unchanged, while 23 remained untraded.

KSE-100 index was supported by Oil & Gas Exploration Companies with 316.82, Commercial Banks with 140.49, Oil & Gas Marketing Companies with 63.81, Refinery with 61.63, and Tobacco with 20.1 points.

Companies adding points to the index were PPL with 148.29, OGDC with 121.9, MEBL with 64.79, POL with 33.12, and ATRL with 31.15 points.

KSE-100 Index was let down by Automobile Assembler with 72.35, Cement with 32.4, Technology & Communication with 21.35, Fertilizer with 17.85, and Textile Composite with 17.53 points.

Companies dragging the index lower were MTL with 65.26, HUBC with 32.16, LUCK with 31.19, SYS with 26.94 and DAWH with 11.96 points.

In the broader market, the All-Share index closed at 42,006.67 with a net gain of 403.99 points.

Total market volume was 765.418 million shares compared to 734.295 from the previous session while traded value was recorded at Rs30.86 billion showing a decrease of Rs0.78bn.

However, the volume remained elevated, hovering near two-year high levels.

There were 298,558 trades reported in 382 companies with 187 closing up, 177 closing down and 18 remaining unchanged.

To note, the KSE-100 has gained 21,503 points or 51.87% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 22,536 points, equivalent to 55.75% in the KSE-100.

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Posted on: 2023-12-05T16:22:36+05:00