PSX Closing Bell: Don't Stop 'Til You Get Enough

June 26, 2023 (MLN): The benchmark KSE-100 index opened on a bullish note and maintained the trend throughout the day, consequently ending the trading session at 41,437.1, gaining a significant 1,371.78 points or 3.42%.

This was the highest DoD points increase since April of last year.

The positivity stemmed from the Government’s last-ditch effort to secure stalled IMF tranche.

The index saw an intraday high of 41,491.87 and an intraday low of 40,334.05.

Total Volume of the KSE100 Index was 122.322 million shares.

Of the companies in KSE100 86 closed up, 4 closed down, 4 were unchanged while 6 remained untraded.

KSE100 index was supported by Commercial Banks with 332.62, Fertilizer with 193.26, Power Generation & Distribution with 145.44, Cement with 138.64 and Technology & Communication with 120.62 points.

Companies adding points to the index were HUBC with 131.82, UBL with 100.56, ENGRO with 68.94, EFERT with 65.74 and SYS with 55.47 points.

KSE100 Index was let down by Miscellaneous with 28.64, Sugar & Allied Industries with 3.23, Woollen with 0.02,

Companies dragging the index lower were PSEL with 34.49, SNGP with 16.73, JDWS with 3.23 and BNWM with 0.02 points.

In the broader market, the All-Share index closed at 27,965.97 with a net gain of 763.67 points.

Total market volume was 226.821 million shares with traded value being recorded at 7.04 billion.

There was 108,039 trades reported in 324 companies with 267 closing up, 42 closing down and 15 remaining unchanged.

To note, Pakistan’s economic team held detailed discussions with the IMF team to complete the pending review over the last three days and agreed on the following to resume IMF deal.

Amount in PKR Billion

The meeting comes with less than a week before the expiry of the Extended Fund Facility (EFF) approaching on June 30, 2023, with speculation rising.

Notably, the bounce also comes from a major support zone looking from a technical perspective, as mentioned on last week's close, consequently regaining the volume weight average price (VWAP) level.

Copyright Mettis Link News