PSX Closing Bell: Lend a Hand

July 15, 2024 (MLN): Pakistan stocks kicked off the holiday-shortened week on a bullish note after the nation secured a $7 billion loan deal from the International Monetary Fund over the weekend.

The benchmark KSE-100 Index jumped 1,211.51 points or 1.52% to close at a record high of 81,155.60.

The market will be closed for the next two days on account of Ashura.

The new IMF program is aimed at capitalizing on the hard-won macroeconomic stability achieved over the past year, the global lender said in a statement.

The successful achievement of a staff-level agreement with the IMF will create a favorable environment for financial inflows from other multilateral institutions, bilateral partners, and friendly countries, according to Arif Habib Limited (AHL).

These inflows are expected to contribute to an increase in the country's foreign exchange (FX) reserves and help alleviate any external pressures, AHL said in a report.

Additionally, the program will provide much-needed clarity and certainty regarding the economic roadmap alongside structural reforms for the next three years, it added.

Throughout today's trading session, the index traded in a range of 684.97 points showing an intraday high of 81,428.43 (+1,484.34) and a low of 80,743.46 (+799.37) points.

The total volume of the KSE-100 Index was 219.58 million shares.

Of the 100 index companies 65 closed up, 30 closed down, while 5 were unchanged.

KSE-100 index was supported by Commercial Banks (+295.96pts), Fertilizer (+203.92pts), Oil & Gas Exploration Companies (+193.68pts), Technology & Communication (+165.01pts), and Cement (+124.38pts).

On the flip-side, the index was let down by Tobacco (-20.20pts), Refinery (-4.40pts), Paper, Board & Packaging (-2.88pts), Transport (-2.30pts), and Textile Spinning (-1.42pts).

Companies that added points to the index were SYS (+128.69pts), MCB (+118.31pts), FFC (+102.91pts), POL (+92.25pts), and HUBC (+84.24pts).

On the other hand, companies that dragged the index lower were NBP (-25.45pts), FABL (-21.50pts), PAKT (-20.20pts), PKGP (-15.30pts), and MTL (-8.19pts).

In the broader market, the All-Share index closed at 51,473.90 with a net gain of 467.55 points or 0.92%.

Total market volume was 441.34 million shares compared to 437.32m from the previous session while traded value was recorded at Rs27.23 billion showing an increase of Rs3.74bn.

There were 280,554 trades reported in 456 companies with 264 closing up, 141 closing down, and 51 remaining unchanged.

Top Ten by Volume

To note, the KSE-100 has gained 2,711 points or 3.46% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 18,705 points, equivalent to 29.95%.

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