PSX Closing Bell: Keep the Wheels Turning

October 15, 2024 (MLN): The benchmark KSE-100 Index concluded Tuesday's trading session at 85,840.34, showing an increase of 578.96 points or 0.68%.

Index heavyweights Mari Petroleum (PSX: MARI) and Engro Fertilizers (PSX: EFERT) closed in green and accounted for majority of the index's gain.

Engro Fertilizers bounced back today after yesterday's overreaction to a 'lower-than-expected' dividend.

Fatiq Khursheed, CEO of online trading platform Finqalab, stated that the market's calculations were incorrect regarding the estimated dividend. In the nine months of 2024, the company paid a total dividend of Rs13.5, representing its usual payout ratio of 100%.

He noted that the payouts for the first two quarters were higher in order to reduce volatility in dividends.

The index traded in a range of 1,037.78 points showing an intraday high of 85,893.99 (+632.61) and a low of 84,856.21 (-405.17) points.

The total volume of the KSE-100 Index was 251.62 million shares.

Of the 100 index companies 53 closed up, 44 closed down, while 3 were unchanged.

Top gainers during the day were KOSM (+10.64%), ATRL (+10.00%), PGLC (+9.75%), INIL (+6.80%), and HCAR (+5.35%).

On the other hand, top losers were NPL (-10.00%), PKGS (-4.27%), POML (-3.87%), JVDC (-2.89%), and ATLH (-2.89%).

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In terms of index-point contributions, companies that propped up the index were MARI (+153.91pts), EFERT (+110.81pts), OGDC (+68.19pts), ATRL (+47.15pts), and FFC (+45.41pts).

Meanwhile, companies that dragged the index lower were ENGRO (-28.36pts), PSO (-23.28pts), PKGS (-17.28pts), DAWH (-14.72pts), and NBP (-14.07pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+264.47pts), Fertilizer (+135.30pts), Commercial Banks (+112.18pts), Refinery (+41.24pts), and Technology & Communication (+27.66pts).

While the index was let down by Paper, Board & Packaging (-17.28pts), Oil & Gas Marketing Companies (-15.17pts), Inv. Banks / Inv. Cos. / Securities Cos. (-15.03pts), Pharmaceuticals (-10.40pts), and Cement (-9.72pts).

In the broader market, the All-Share Index closed at 54,941.66 with a net gain of 366.33 points or 0.67%.

Total market volume was 422.11 million shares compared to 477.64m from the previous session while traded value was recorded at Rs24.47 billion showing an increase of Rs0.99bn.

There were 266,163 trades reported in 442 companies with 202 closing up, 173 closing down, and 67 remaining unchanged.

Pakistan Telecommunication Company Limited (PSX: PTC) posted a net loss of Rs137.08 million [LPS: Rs0.03] in the third quarter of 2024, compared to a profit of Rs660m [EPS: 0.13] in the same period last year (SPLY).

To note, the KSE-100 has gained 7,395 points or 9.43% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 23,389 points, equivalent to 37.45%.

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