PSX Closing Bell: Go All Out

September 03, 2024 (MLN): Pakistan stocks ended Tuesday's trading session largely flat on a lack of fresh triggers.

The benchmark KSE-100 Index rose 73.02 points or 0.09% to close at 78,356.31.

 Prime Minister Shehbaz Sharif said that his government was working on implementing conditions from the International Monetary Fund (IMF) to complete its loan programme, which he hoped would be the country's last.

Pakistan signed an IMF staff-level agreement on July 12 for a new $7 billion programme due to last 37 months, but the country is still waiting for the Fund's executive board to approve it, pending confirmation of financing assurances from development and bilateral partners.

The index traded in a range of 394.07 points showing an intraday high of 78,644.96 (+361.67) and a low of 78,250.89 (-32.40) points.

The total volume of the KSE-100 Index was 99.48 million shares.

Of the 100 index companies 49 closed up, 46 closed down, while 5 were unchanged.

Top gainers during the day were YOUW (+10.33%), NPL (+6.62%), MTL (+5.10%), PSEL (+2.77%), and INIL (+2.53%).

Nishat Power Limited (NPL) posted the highest-ever profit after tax of Rs5.39 billion [EPS: Rs15.22] in the fiscal year 2024, up 31.7% compared to last year owing to a significantly higher other income.

Moreover, the company also paid an all-time high dividend per share of Rs9.5 during the year.

While Millat Tractors Limited (MTL) announced that it will resume production from September 04, 2024, onwards.

On the other hand, top losers were NCPL (-7.82%), BNWM (-5.94%), PGLC (-5.75%), AKBL (-3.98%), and THALL (-3.10%).

Nishat Chunian Power Limited (NCPL) recorded a 13.1% year-on-year drop in net profit in April-June quarter on account of a significant drop in sales.

In terms of index-point contributions, companies that propped up the index were MTL (+80.17pts), MARI (+57.00pts), HMB (+20.88pts), OGDC (+18.64pts), and PSO (+14.74pts).

Meanwhile, companies that dragged the index lower were MEBL (-31.19pts), MCB (-28.22pts), BAHL (-27.72pts), BAFL (-27.56pts), and NBP (-23.86pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+81.26pts), Automobile Assembler (+75.71pts), Cement (+46.98pts), Engineering (+17.82pts), and Miscellaneous (+14.71pts).

While the index was let down by Commercial Banks (-126.29pts), Inv. Banks / Inv. Cos. / Securities Cos. (-22.50pts), Automobile Parts & Accessories (-15.37pts), Food & Personal Care Products (-10.49pts), and Pharmaceuticals (-9.84pts).

In the broader market, the All-Share Index closed at 50,477.04 with a net gain of 86.00 points or 0.17%.

Total market volume was 436.67 million shares compared to 457.28m from the previous session while traded value was recorded at Rs12.26 billion showing a decrease of Rs3.62bn.

There were 225,114 trades reported in 443 companies with 203 closing up, 167 closing down, and 73 remaining unchanged.

To note, the KSE-100 has lost 89 points or 0.11% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 15,905 points, equivalent to 25.47%.

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