Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

PSX Closing Bell: Flabbergasted

PSX Closing Bell: Sell High
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

September 15, 2023 (MLN): The benchmark KSE-100 index opened up by 337 points or 0.74% as the market welcomed the SBP’s decision to keep the policy rate unchanged at 22%, contrary to the expectations of a 100-200 basis points hike.

However, the 46,000 level once again proved to be a strong resistance and the index was not able to sustain it, as the rally sold off in the later part of the day to close the session at 45,753.52 (+103.46 / +0.23%).

This indicates a lack of confidence among investors in the market.

The SBP cited the latest inflation outturn reflecting the continuing declining trend in inflation from its peak of 38% in May to 27.4% in August 2023 for maintaining the status quo.

The index remained positive throughout the session touching an intraday high of 46,093.01 (+442.95) points.

Total Volume of the KSE100 Index was 140.165 million shares.

Of the 100 index companies 53 closed up, 34 closed down, 6 were unchanged while 7 remained untraded.

KSE100 index was supported by Cement with 137.69, Power Generation & Distribution with 39.96, Miscellaneous with 18.94, Textile Composite with 13.43 and Engineering with 12.44 points.

Companies adding points to the index were LUCK with 59.54, HUBC with 33.64, PSEL with 28.1, CHCC with 21.46 and DGKC with 19.88 points.

KSE100 Index was let down by Commercial Banks with 115.59, Fertilizer with 17.11, Food & Personal Care Products with 8.0, Automobile Assembler with 7.97 and Paper & Board with 5.03 points.

Companies dragging the index lower were UBL with 35.7, FFC with 34.28, MEBL with 24.24, BAFL with 14.0 and HBL with 12.36 points.

On the economic front, the current account data painted a positive picture, with a substantial 79.35% MoM reduction in the deficit for August 2023, standing at just $160 million compared to July's $775m.

 The weekly inflation rate also dropped by 0.25% WoW in mid-September.

Meanwhile, the fertilizer sector witnessed a remarkable growth of over twofold YoY in nutrient offtake, reaching 624,000 tons in August.

The local unit also remained strong throughout the week, appreciating by 6.1 rupees or 2.05% against USD in interbank to close at 296.85.

On the flip side, the latest total liquid foreign reserves position showed yet another decline, and ever since the boost from the IMF and the Arab countries in July, the total reserves have fallen by almost $1 billion.

In the broader market, the All-Share index closed at 30,472.9 with a net gain of 66.62 points.

Total market volume was 222.531 million shares compared to 138.173 from the previous session while traded value being recorded at 11.06 billion showing an increase of Rs.8.28 billion.

There was 107,538 trades reported in 317 companies with 176 closing up, 107 closing down and 34 remaining unchanged.

Company Volume

Top Ten by Volume

MCB 27,208,683
MLCF 24,656,852
NCPL 13,979,000
WTL 8,085,176
PPL 8,044,559
SEARLR2 7,291,938
DGKC 6,058,895
HBL 4,841,767
OGDC 4,692,649
ASC 4,550,574

Copyright Mettis Link News

Posted on: 2023-09-15T17:24:29+05:00