PSX Closing Bell: Lucky Break

September 16, 2024 (MLN): Pakistan's stock market kicked off the week on a positive note, with the benchmark KSE-100 Index revisiting the key 80,000 mark.

However, profit-taking erased most of the gains, though the index managed to close in green largely uplifted by Mari Petroleum. By session's close, KSE-100 settled at 79,491.13, an increase of 158.08 points or 0.20%.

The country's major oil and gas exploration company saw its shares surge 10% following a substantial 1,340% dividend and 800% bonus shares issuance.

Such a large bonus issue can help attract smaller investors as it reduces share price by redistributing the amount of equity across a larger number of shares. It is worth noting that it does not change the overall valuation of the company.

It also provides a psychological boost to investors.

The index remained positive throughout the day showing an intraday high of 79,993.17 (+660.12) and a low of 79,368.18 (+35.13) points.

The total volume of the KSE-100 Index was 152.29 million shares.

Of the 100 index companies 45 closed up, 53 closed down, while 2 were unchanged.

Top gainers during the day were MARI (+10.00%), PSX (+4.34%), INIL (+4.10%), NCPL (+3.28%), and THALL (+3.01%).

On the other hand, top losers were EFUG (-8.52%), DGKC (-4.56%), GADT (-3.81%), PIBTL (-3.66%), and PAEL (-3.41%).

In terms of index-point contributions, companies that propped up the index were MARI (+292.49pts), HUBC (+56.10pts), EFERT (+24.00pts), TRG (+17.10pts), and THALL (+14.31pts).

Meanwhile, companies that dragged the index lower were MEBL (-33.76pts), DGKC (-25.62pts), UBL (-24.29pts), ENGRO (-21.44pts), and OGDC (-20.99pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+265.42pts), Power Generation & Distribution (+58.45pts), Technology & Communication (+16.56pts), Automobile Parts & Accessories (+14.31pts), and Food & Personal Care Products (+12.60pts).

While the index was let down by Cement (-87.13pts), Commercial Banks (-61.83pts), Leather & Tanneries (-20.56pts), Insurance (-19.10pts), and Automobile Assembler (-17.76pts).

In the broader market, the All-Share Index closed at 51,243.05 with a net gain of 86.40 points or 0.17%.

Total market volume was 536.19 million shares compared to 487.52m from the previous session while traded value was recorded at Rs8.91 billion showing a decrease of Rs2.59bn.

There were 196,984 trades reported in 443 companies with 139 closing up, 253 closing down, and 51 remaining unchanged.

To note, the KSE-100 has gained 1,046 points or 1.33% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 17,040 points, equivalent to 27.29%.

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