May 10, 2024 (MLN): Pakistan stocks witnessed a bullish momentum on Friday, with the benchmark KSE-100 index closing above the 73,000 level, a new record high.

The 100-index gained 427.45 points or 0.59% DoD and closed at 73,085.5.

The KSE-100 index remained positive throughout the session, with most of the buying occurring in the first half, hitting an intraday high of 73,449.38 (+791.32).

However, in the second half of the session, profit-taking erased some of the gains, with the index hitting an intraday low of 72,876.84 (+218.79) points before closing at 73,085.5.

The total volume of the KSE-100 index was 321.31 million shares.

The positivity comes amid bets for a rate cut as early as June, amid a fourth consecutive decline in weekly inflation.

Accordingly, the CPI-based inflation for May is expected to fall to about 14-15% YoY, expanding real interest rates to 7-8%.

Meanwhile, the country received a healthy remittance inflow of $2.81bn in April, which rose 27.9% YoY.

Furthermore, the State Bank of Pakistan's reserves have risen to almost a 2-year high amid the International Monetary Fund's final tranche under SBA program.

Of the 100 index companies 70 closed up, 29 closed down, while 1 remained untraded.

KSE-100 index was supported by Cement (219.69pts), Textile Composite (49.12pts), Oil & Gas Marketing Companies (38.49pts), Pharmaceuticals (32.34pts), and Engineering (31.14pts).

On the flip-side, the index was let down by Fertilizer (105.43pts), Inv. Banks / Inv. Cos. / Securities Cos. (34.67pts), Commercial Banks (30.32pts), Automobile Parts & Accessories (8.88pts), and Refinery (1.41pts).

Companies adding points to the index were LUCK (73.07pts), DGKC (39.04pts), PIOC (37.45pts), POL (37pts), and ILP (31.41pts).

Meanwhile, companies that dragged the index lower were ENGRO (67.63pts), EFERT (64.64pts), DAWH (41.71pts), MARI (37.64pts), and BAFL (19.43pts).

In the broader market, the All-Share index closed at 47,546.55 with a net gain of 274.33 points.

Total market volume was 741.20 million shares compared to 674.98m from the previous session while traded value was recorded at Rs25.27 billion showing an increase of Rs1.21bn.

There were 281,543 trades reported in 381 companies with 217 closing up, 132 closing down and 32 remaining unchanged.

To note, the KSE-100 has gained 31,633 points or 76.31% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 10,634 points, equivalent to 17.03%.

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Posted on: 2024-05-10T17:22:53+05:00