PSX Closing Bell: In the Depths of Despair

June 23, 2023 (MLN): The benchmark KSE-100 Index closed Friday's trading session at 40,065.32 showing a decrease of 86.73 points.

The index traded in a range of 341.15 points showing an intraday high of 40,235.57 and a low of 39,894.42.

The index lost 1,236.29 points during the week, this lack of confidence from investors is attributed to the absence of positive developments and the uncertainty regarding the resumption of the IMF program.

Yesterday's meeting between the Prime Minister of Pakistan, Shehbaz Sharif, and Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), in Paris, concluded without any indications of Pakistan securing the IMF tranche.

Total Volume of the KSE100 Index was 59.55 million shares.

Of the companies in KSE100 33 closed up, 54 closed down, 3 were unchanged while 10 remained untraded.

KSE100 Index was let down by Technology & Communication with 43.52, Commercial Banks with 23.33, Power Generation & Distribution with 17.14, Inv. Banks / Inv. Cos. / Securities Cos. with 16.47 and Automobile Assembler with 16.39 points.

Companies dragging the index lower were MCB with 19.43, TRG with 18.63, COLG with 17.05, SYS with 16.62 and DAWH with 14.18 points.

KSE100 index was supported by Oil & Gas Exploration Companies with 24.32, Pharmaceuticals with 9.56, Oil & Gas Marketing Companies with 6.55, Textile Composite with 6.54 and Synthetic & Rayon with 6.53 points.

Companies adding points to the index were HMB with 18.52, MARI with 18.33, ABOT with 9.23, SHEL with 8.78 and HBL with 6.58 points.

In the broader market, the All-Share index closed at 27,202.3 with a net loss of 31.01 points.

Total market volume was 136.9 million shares with traded value being recorded at 3.38 billion.

There was 62,333 trades reported in 311 companies with 109 closing up, 175 closing down and 27 remaining unchanged.

KSE-100 Monthly time-frame chart

The index closed at a major support zone that remained intact for the past 12 months, positioned just below the VWAP.

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