August 02, 2023 (MLN): Pakistan Stock Exchange (PSX) continued its upward trajectory, with the benchmark KSE-100 Index closing Wednesday's trading session at 48,764.55 showing an increase of 534.05 points.
This was the highest closing in six years, since June 09, 2017, when the index closed at 49,527pts.
The index traded in a range of 673.17 points showing an intraday high of 48,852.05 and a low of 48,178.88.
Total Volume of the KSE100 Index was 365.626 million shares, the highest since February 11, 2021, when it arrived at 366.027m shares.
To note, KSE-100 index has been positive for 10 consecutive sessions gaining 3,755.21 points or 8.34%, while it has gained 7,311.86 points or 17.64% in FY24
Of the 100 index companies 59 closed up, 34 closed down, 1 was unchanged while 6 remained untraded.
KSE100 index was supported by Oil & Gas Exploration Companies with 157.14, Commercial Banks with 144.79, Fertilizer with 58.4, Technology & Communication with 50.47 and Food & Personal Care Products with 36.34 points.
Companies adding points to the index were OGDC with 112.17, HBL with 103.57, ENGRO with 50.9, PPL with 33.23 and SYS with 30.38 points.
KSE100 Index was let down by Power Generation & Distribution with 26.93, Engineering with 9.79, Miscellaneous with 2.69, Insurance with 1.74 and Textile Spinning with 1.42 points.
Companies dragging the index lower were HUBC with 23.93, UBL with 22.7, KEL with 4.68, COLG with 4.23 and INIL with 3.75 points.
In the broader market, the All-Share index closed at 32,502.44 with a net gain of 353.65 points.
Total market volume was 556.141 million shares compared to 556.931 from the previous session while traded value being recorded at 19.99 billion showing an increase of Rs.4.04 billion.
There was 211,485 trades reported in 350 companies with 193 closing up, 126 closing down and 31 remaining unchanged.
| Company | Volume |
|---|---|
| CNERGY | 92,895,571 |
| BOP | 46,991,000 |
| PRL | 31,345,365 |
| OGDC | 28,365,714 |
| UNITY | 26,799,997 |
| HBL | 18,677,605 |
| WTL | 18,595,912 |
| TELE | 18,248,182 |
| PPL | 16,067,758 |
| KEL | 13,018,736 |
With respect to the economy, yesterday, the government held its first-ever mineral summit “Pakistan Minerals Summit” to explore and capitalize on the vast potential of the minerals industry.
Prime Minister Shehbaz Sharif highlighted the example of Middle Eastern states in tapping and developing mineral wealth.
Army chief General Syed Asim Munir at the summit stated that foreign investors would be an integral part of realizing the potential of Pakistan’s estimated $6 trillion worth of natural deposits.
On the earnings front, MCB Bank Limited (PSX: MCB) posted the highest-ever PAT of Rs28.67bn [EPS: Rs24.13] in 1HCY23, a surge of 2.52x YoY and announced a DPS of Rs7.
On the global front, Fitch Ratings downgraded the United States of America's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'AA+' from 'AAA'.
This sent U.S. stock futures as low as -1%, however, PSX remained unaffected and resilient to this news.
KSE-100 Weekly time-frame chart
Copyright Mettis Link News
Posted on: 2023-08-02T16:24:21+05:00
