PSX Closing Bell: Fresh Record

September 20, 2024 (MLN): Pakistani equities extended their rally to a fresh record on Friday as a fall in bond yields and improving macro-economic indicators boosted sentiment.

The benchmark KSE-100 Index rose 615.16 or 0.76% to close at an all-time high of 82,074.44.

Traders have ramped up bets for further outsized interest rate cuts by the central bank after the State Bank of Pakistan (SBP) slashed yields on Pakistan Investment Bonds (PIBs) by as much as 335bps in yesterday's auction.

Globally, traders have been put in a bullish mood by the Federal Reserve's decision to go big on its first reduction since the start of the Covid pandemic, opting for 50 basis points instead of 25.

The US stock benchmark S&P 500 climbed 1.7% to notch its 39th record in 2024, extending this year’s surge to about 20%.

The index traded in a range of 984.62 points showing an intraday high of 82,372.19 (+912.91) and a low of 81,387.57 (-71.71) points.

The total volume of the KSE-100 Index was 243.55 million shares.

Of the 100 index companies 58 closed up, 40 closed down, while 2 were unchanged.

Top gainers during the day were HBL (+6.83%), SRVI (+6.20%), PGLC (+4.93%), MEBL (+4.61%), and MCB (+4.15%).

On the other hand, top losers were TGL (-7.74%), FFBL (-7.66%), MUGHAL (-5.76%), YOUW (-4.70%), and THALL (-3.56%).

In terms of index-point contributions, companies that propped up the index were HBL (+155.23pts), MEBL (+150.77pts), MCB (+126.50pts), UBL (+125.11pts), and LUCK (+70.39pts).

Meanwhile, companies that dragged the index lower were OGDC (-95.35pts), HUBC (-78.35pts), PPL (-66.55pts), FFBL (-53.79pts), and EFERT (-53.05pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+647.09pts), Cement (+123.22pts), Leather & Tanneries (+45.88pts), Technology & Communication (+31.23pts), and Pharmaceuticals (+30.90pts).

While the index was let down by Oil & Gas Exploration Companies (-121.41pts), Power Generation & Distribution (-68.39pts), Fertilizer (-45.34pts), Glass & Ceramics (-24.00pts), and Engineering (-17.33pts).

In the broader market, the All-Share Index closed at 52,288.85 with a net gain of 279.07 points or 0.54%.

Total market volume was 482.37 million shares compared to 459.04m from the previous session while traded value was recorded at Rs30.19 billion showing an increase of Rs11.58bn.

There were 229,192 trades reported in 453 companies with 195 closing up, 196 closing down, and 62 remaining unchanged.

To note, the KSE-100 has gained 3,629 points or 4.63% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 19,623 points, equivalent to 31.42%.

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