November 05, 2024 (MLN): Pakistan stocks extended their bullish run on Tuesday following the State Bank of Pakistan’s (SBP) decision to reduce its key policy rate by 250 basis points.
The benchmark KSE-100 Index closed at 92,304.32, showing an increase of 366.32 points or 0.40%.
The index traded in a range of 978.21 points showing an intraday high of 92,514.30 (+576.30) and a low of 91,536.09 (-401.91) points.
The total volume of the KSE-100 Index was 289.41 million shares.
The State Bank of Pakistan (SBP) lowered its policy rate by 250bps to 15% on Monday, compared to a median estimate for a 200bps cut.
The reduction was the fourth in a row, bringing the total decrease since June 2024 to 700bps as a slowdown in inflation give policymakers room to continue monetary easing in a bid to spur growth.
The monetary policy committee said inflation has declined faster than expected and has reached close to its medium-term target range in October.
Throughout today's session, of the 100 index companies 55 closed up, 41 closed down, while 4 were unchanged.
Top gainers during the day were FCEPL (+10.00%), EPCL (+10.00%), PTC (+8.55%), HCAR (+6.78%), and AICL (+6.49%).
On the other hand, top losers were BNWM (-7.64%), IBFL (-4.08%), MUGHAL (-3.78%), SCBPL (-3.03%), and UPFL (-2.88%).
In terms of index-point contributions, companies that propped up the index were LUCK (+80.21pts), HUBC (+63.53pts), OGDC (+55.96pts), SYS (+40.62pts), and MTL (+34.38pts).
Meanwhile, companies that dragged the index lower were UBL (-35.79pts), HBL (-30.12pts), BAHL (-29.57pts), CHCC (-24.81pts), and MEBL (-22.74pts).
Sector-wise, KSE-100 Index was supported by Automobile Assembler (+127.37pts), Power Generation & Distribution (+66.89pts), Cement (+62.59pts), Technology & Communication (+53.61pts), and Oil & Gas Exploration Companies (+47.27pts).
While the index was let down by Commercial Banks (-99.99pts), Oil & Gas Marketing Companies (-19.10pts), Leather & Tanneries (-16.18pts), Engineering (-8.26pts), and Synthetic & Rayon (-7.62pts).
In the broader market, the All-Share Index closed at 58,659.44 with a net gain of 251.31 points or 0.43%.
Total market volume was 752.66 million shares compared to 589.55m from the previous session while traded value was recorded at Rs32.83 billion showing an increase of Rs2.87bn.
There were 335,575 trades reported in 450 companies with 222 closing up, 168 closing down, and 60 remaining unchanged.
Sui Southern Gas Company Limited (PSX: SSGC) announced its FY23 results, wherein the company reduced its losses by 86% to Rs1.6 billion [LPS: Rs1.82] from Rs11.44bn [LPS: Rs12.99] in FY22. Its shares jumped 10%.
| Symbol | Price | Change % | Volume |
|---|---|---|---|
| POWER | 7.79 | 9.41% | 66,262,505 |
| SSGC | 16.68 | 10.03% | 51,962,511 |
| FFL | 10.57 | 4.34% | 32,398,093 |
| PIAHCLA | 14.32 | 2.14% | 28,104,481 |
| MLCF | 41.68 | 0.36% | 27,524,316 |
| PTC | 16.5 | 8.55% | 27,225,611 |
| FCCL | 34.93 | -0.37% | 21,425,572 |
| FLYNG | 27.08 | 3.20% | 20,831,591 |
| HUBC | 108.57 | 1.89% | 19,200,408 |
| KEL | 4.76 | -1.86% | 17,981,789 |
To note, the KSE-100 has gained 13,859 points or 17.67% during the fiscal year, whereas it has increased 29,853 points or 47.80% so far this calendar year.
Copyright Mettis Link News
Posted on: 2024-11-05T16:23:12+05:00
