PSX Closing Bell: Hold on tight, the ride is wild

June 21, 2024 (MLN):  Bulls kicked off today’s trading session with a buying spree, driving the KSE-100 index above the 80,000 mark until selling pressure came to the market and wiped out nearly all gains.

As a result, the benchmark index concluded Friday's trading session at 78,810.49 showing a marginal increase of 8.96 points or 0.01%.

The index traded in a range of 1,890.85 points showing an intraday high of 80,059.87 (+1258.34) and a low of 78,169.03 (-632.51) points.

While the total volume of the KSE-100 index was 207.38 million shares.

Of the 100 index companies 38 closed up, 58 closed down, 4 were unchanged, while 0 remained untraded.

KSE-100 index was supported by Power Generation & Distribution (371.28pts), Tobacco (30.27pts), Chemical (28pts), Synthetic & Rayon (15.4pts), and Refinery (10.81pts).

On the flip-side, the index was let down by Cement (181.84pts), Oil & Gas Exploration Companies (61.7pts), Fertilizer (60.17pts), Technology & Communication (59.18pts), and Inv. Banks / Inv. Cos. / Securities Cos. (25.09pts).

Companies adding points to the index were HUBC (384pts), UBL (85.11pts), HBL (69.67pts), FFC (60.58pts), and PAKT (30.27pts).

Meanwhile, companies that dragged the index lower were MEBL (117.03pts), LUCK (94.1pts), EFERT (78.61pts), ENGRO (57.14pts), and SYS (50.74pts).

In the broader market, the All-Share index closed at 49,817.95 with a net loss of 57.76 points.

Total market volume was 471.34 million shares compared to 452.64m from the previous session while traded value was recorded at Rs20.48 billion showing a decrease of Rs211.25m.

There were 221,641 trades reported in 436 companies with 137 closing up, 237 closing down and 62 remaining unchanged.

Among the volume leaders, HUBCO announced a major development: its subsidiary is entering a new line of business in electric vehicles, partnering with BYD Auto Industry Company Limited in Pakistan.

To note, the KSE-100 has gained 37,358 points or 90.12% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,359 points, equivalent to 26.2%.

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