August 25, 2023 (MLN): The benchmark KSE-100 index ended the week on a negative note, losing 79.55 points or 0.17% DoD to close at 47,671.22.
In today's session, the index traded in a range of 283.24 points showing an intraday high of 47,853.55 (+102.78) and a low of 47,570.31 (-180.46) points.
Total Volume of the KSE100 Index was 91.943 million shares.
While in the current week, the index lost 547.28 points or 1.14% WoW.
Today's Morgan Stanley Capital International (MSCI) August quarterly review brought to light a noteworthy development – Pakistan's weightage in the MSCI FM100 Index increased by 34 basis points to 2.93%.
Among the changes, OGDC was newly added to the FM100 index, with a weight of 0.309%.
Interestingly, despite these positive changes, the KSE-100 index faced a setback today, largely influenced by OGDC which stripped off the most points from the KSE-100 index.
This decline could potentially be attributed to a sell-the-news phenomenon – investors who had bought OGDC shares in anticipation of its inclusion in the MSCI index may have sold them after the announcement to lock in their profits.
Another angle to consider is the possibility of expectations not aligning with reality. Some investors might have anticipated a higher weight for OGDC within the MSCI FM100 Index.
Meanwhile, today’s earnings brought mixed results for the index.
Despite the Bank of Khyber (BOK) and the Bank of Punjab (BOP) posting impressive earnings, their stock price fell by 7.39% and 5.04% respectively.
To note, Of the 100 index companies 29 closed up, 64 closed down, 1 was unchanged while 6 remained untraded.
The index was weighed down by Oil & Gas Exploration Companies with 40.55, Technology & Communication with 30.2, Pharmaceuticals with 12.68, Refinery with 12.61 and Food & Personal Care Products with 12.03 points.
Companies weighing down the the index lower were OGDC with 27.95, TRG with 25.79, PPL with 14.66, BAHL with 11.12 and UPFL with 9.6 points.
On the flip side, Habib Metropolitan Bank (HMB) boosted the index by 38.44 points as it paid a surprise dividend of Rs5 per share and reported a 74.28% jump in its profits to Rs12.14 billion [EPS: Rs11.32] for the first half of 2023.
Sector-wise, KSE100 index was supported by Fertilizer with 42.88, Commercial Banks with 39.76, Synthetic & Rayon with 7.19, Automobile Parts & Accessories with 1.19 and Real Estate Investment Trust with 1.11 points.
Top companies adding points to the index were HMB with 38.44, ENGRO with 36.79, MEBL with 11.22, SCBPL with 10.43 and FFC with 8.97 points.
On the economic front, the Weekly Sensitive Price Indicator (SPI) for the Combined Group remained almost unchanged with a 0.05% WoW increase while showing an increase of 25.34% YoY during the week ended August 24, 2023.
Pakistani Rupee (PKR) continued to take a beating and settled at another all-time low of 301 per US Dollar.
High demand for the dollar, a 30% MoM increase in imports in July, and many individuals hoarding dollars are putting pressure on the rupee’s value.
In the broader market, the All-Share index closed at 31,631.6 with a net loss of 54.69 points.
Total market volume was 192.037 million shares compared to 251.691 from the previous session while traded value being recorded at 6.53 billion showing a decrease of Rs.6.27 billion.
There was 88,839 trades reported in 327 companies with 100 closing up, 202 closing down and 25 remaining unchanged.
| Company | Volume |
|---|---|
| WTL | 17,969,683 |
| JSBL | 16,138,500 |
| BIPL | 12,489,876 |
| BOP | 9,941,500 |
| UNITY | 7,610,081 |
| OGDC | 6,372,621 |
| KEL | 6,361,740 |
| NBP | 5,678,500 |
| ASC | 5,374,689 |
| CNERGY | 4,650,023 |
Elsewhere, global market participants have their eyes fixed on the Jackson Hole event, where Federal Reserve Chair Jerome Powell will take the stage today at 07:05pm PST.
KSE-100 Weekly time-frame chart
Copyright Mettis Link News
Posted on: 2023-08-25T17:28:35+05:00
