PSX Closing Bell: Lucky Star

August 30, 2024 (MLN): Pakistan stocks rose for the second consecutive session, with its benchmark KSE-100 index gaining 138.55 points, or 0.18%, to close at 78,488.21.

The optimism is fueled by expectations that inflation will fall to a single-digit figure in August and the recent rating upgrade by Moody's Investors Service.

The index remained positive throughout the day showing an intraday high of 78,914.27 (+564.61) and a low of 78,439.61 (+89.95) points.

The total volume of the KSE-100 Index was 148.55 million shares.

Of the 100 index companies 46 closed up, 49 closed down, 4 were unchanged, while 1 remained untraded.

Top gainers during the day were NBP (+5.42%), COLG (+3.72%), MTL (+3.32%), FFBL (+2.81%), and EFERT (+2.65%).

On the other hand, top losers were PGLC (-3.91%), INIL (-3.59%), POML (-3.45%), ABOT (-3.38%), and AVN (-3.34%).

In terms of index-point contributions, companies that propped up the index were EFERT (+80.04pts), FFC (+73.04pts), MTL (+51.43pts), NBP (+50.87pts), and COLG (+35.22pts).

Meanwhile, companies that dragged the index lower were HUBC (-52.02pts), BAHL (-45.59pts), HBL (-30.43pts), PPL (-25.88pts), and MEBL (-17.64pts).

Sector-wise, KSE-100 Index was supported by Fertilizer (+169.18pts), Automobile Assembler (+59.53pts), Food & Personal Care Products (+34.32pts), Oil & Gas Exploration Companies (+20.68pts), and Inv. Banks / Inv. Cos. / Securities Cos. (+18.49pts).

While the index was let down by Pharmaceuticals (-39.92pts), Power Generation & Distribution (-36.10pts), Commercial Banks (-24.24pts), Cement (-24.06pts), and Engineering (-13.87pts).

In the broader market, the All-Share Index closed at 50,674.73 with a net gain of 204.32 points or 0.40%.

Total market volume was 680.81 million shares compared to 599.82m from the previous session while traded value was recorded at Rs21.19 billion showing an increase of Rs0.78bn.

There were 281,386 trades reported in 454 companies with 214 closing up, 179 closing down, and 61 remaining unchanged.

To note, the KSE-100 has gained 43 points or 0.06% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,037 points, equivalent to 25.68%.

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