PSX Closing Bell: Hit For Six

November 10, 2023 (MLN): The benchmark KSE-100 index surged by a whopping 1,129.94 points or 2.08% DoD to close the last session of the week at another record high of 55,391.37.

This was the biggest DoD rise in both percentage and point terms since July 03, 2023, when the markets reopened after the Eid holidays and welcomed the news of a $3 billion Stand-By Arrangement (SBA) with the IMF that saved the country from a sovereign debt default.

Throughout the week, bulls remained in full control, with the index accumulating a weekly gain of 2,268.33 points or 4.27%.

The KSE-100 index today recorded the highest trading volume since June 16, 2021, with 372.306 million shares changing hands.

Additionally, the All-Share Index of PSX also breached its all-time high today, closing at its highest level in 6.5 years at 36,794.78 with a net gain of 648.12 points.

Similarly, the overall trading activity of the PSX remained heightened, reflecting an impressive turnover of 640.837m shares worth Rs21.15 billion.

The All-Share volume in shares was the highest since July 01, 2021.

The positive sentiment has been further fueled by the latest PIB auction held on November 08, which showed a sharp decline in yields, possibly suggesting that market participants are expecting the interest rates to fall even earlier than previously expected.

Moreover, investors continue to cheer the improved economic indicators.

The latest Workers' remittances data released by the central bank today showed that the remittances increased by 11.54% MoM in October to $2.46 billion.

In today's intraday session, the KSE-100 index remained positive throughout the day, showing an intraday high of 55,506.33 (+1,244.90) and a low of 54,371.75 (+110.32) points.

Of the 100 index companies 77 closed up, 17 closed down, 3 were unchanged, while 3 remained untraded.

KSE-100 index was supported by Power Generation & Distribution with 221.72, Fertilizer with 174.65, Commercial Banks with 165.09, Cement with 117.14, and Oil & Gas Exploration Companies with 111.36 points.

Companies adding points to the index were HUBC with 185.01, EFERT with 81.1, OGDC with 63.59, MCB with 60.01, and MEBL with 53.24 points.

KSE-100 Index was let down by Property with 3.6, Textile Spinning with 2.27, Close - End Mutual Fund with 1.21, and Woollen with 0.08 points.

Companies dragging the index lower were UNITY with 5.96, JVDC with 3.6, BAFL with 3.23, PABC with 2.77 and GADT with 2.27 points.

To note, the KSE-100 has gained 13,939 points or 33.63% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 14,971 points, equivalent to 37.04% in the KSE-100.

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