PSX Closing Bell: Good Vibes Only

October 04, 2024 (MLN): Pakistan stocks extended their rally on Friday, with the benchmark KSE-100 Index jumping 810.19 points or 0.98% to close at a fresh record of 83,531.95.

The bullish momentum is largely driven by the International Monetary Fund (IMF) board’s approval of a $7 billion loan, a slump in bond yields amid a larger-than-expected drop in September inflation, and an improvement in central bank's reserves.

The State Bank of Pakistan’s foreign exchange reserves jumped to $10.7 billion, the highest since April 2022, following the disbursement of $1.03bn from the IMF under EFF program

The index traded in a range of 1,010.93 points showing an intraday high of 83,605.72 (+883.96) and a low of 82,594.79 (-126.97) points.

The total volume of the KSE-100 Index was 173.69 million shares.

Of the 100 index companies 57 closed up, 36 closed down, 6 were unchanged, while 1 remained untraded.

Top gainers during the day were AIRLINK (+6.41%), PPL (+6.41%), PSO (+4.93%), OGDC (+3.69%), and LUCK (+3.48%).

On the other hand, top losers were FFC (-1.93%), INIL (-1.75%), FFBL (-1.65%), MUGHAL (-1.59%), and NML (-1.50%).

In terms of index-point contributions, companies that propped up the index were PPL (+152.41pts), OGDC (+113.58pts), MEBL (+89.00pts), LUCK (+87.99pts), and POL (+74.00pts).

Meanwhile, companies that dragged the index lower were FFC (-104.85pts), FFBL (-12.56pts), MARI (-10.74pts), THALL (-7.13pts), and DGKC (-6.37pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+329.25pts), Commercial Banks (+195.84pts), Cement (+130.78pts), Oil & Gas Marketing Companies (+74.35pts), and Power Generation & Distribution (+53.85pts).

While the index was let down by Fertilizer (-42.09pts), Engineering (-10.50pts), Pharmaceuticals (-7.21pts), Automobile Parts & Accessories (-7.13pts), and Paper, Board & Packaging (-2.45pts).

In the broader market, the All-Share Index closed at 53,053.81 with a net gain of 488.15 points or 0.93%.

Total market volume was 381.55 million shares compared to 319.88m from the previous session while traded value was recorded at Rs20.52 billion showing an increase of Rs4.11bn.

There were 218,619 trades reported in 444 companies with 201 closing up, 167 closing down, and 76 remaining unchanged.

To note, the KSE-100 has gained 5,087 points or 6.48% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 21,081 points, equivalent to 33.76%.

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