PSX Closing Bell: Fall down seven, stand up eight

December 27, 2023 (MLN): Bulls took back the trading floor today to record the third-largest single-day gain in absolute terms.

The benchmark KSE-100 index pared most of its losses from yesterday’s slump to close the session at 60,863.62 with a gain of 1,692.64 points or 2.86%.

The rebound can be attributed to overextended selling yesterday, which created a buying opportunity for value hunters.

The index continued to show increased volatility, trading in a wide range of 2,251.39 points showing an intraday high of 61,009.88 (+1,838.90) and a low of 58,758.48 (-412.49) points.

The total volume of the KSE-100 index was 393.667 million shares.

A prominent Brokerage House, Arib Habib Limited in yesterday's post-market report noted that KSE-100 historically rebounds after a 10% drawdown from its peak in bull markets.

Yesterday's close took the total loss to 7,923 points or 11.81% since the peak on December 13.

In Wednesday's session, of the 100 index companies 89 closed up, 6 closed down, 1 was unchanged, while 4 remained untraded.

KSE-100 index was supported by Commercial Banks with 408.8, Cement with 200.25, Power Generation & Distribution with 182.41, Fertilizer with 161.68, and Oil & Gas Exploration Companies with 148.31 points.

On the contrary, the index was let down by Property with 0.83, and Leasing Companies with 0.26 points.

Companies adding points to the index were HUBC with 141.34, MEBL with 127.81, SYS with 93.49, EFERT with 68.34, and LUCK with 50.13 points.

Meanwhile, companies that dragged the index lower were AICL with 3.17, JVDC with 0.83, PGLC with 0.26 points.

In the broader market, the All-Share index closed at 40,684.63 with a net gain of 965.86 points.

Total market volume was 669.357 million shares compared to 670.860 from the previous session while traded value was recorded at Rs16.12 billion showing a decrease of Rs1.01bn.

There were 213,260 trades reported in 355 companies with 274 closing up, 61 closing down and 20 remaining unchanged.

To note, the KSE-100 has gained 19,411 points or 46.83% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 20,443 points, equivalent to 50.58%.

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