PSX Closing Bell: Market Swings

August 10, 2023 (MLN): The local bourse experienced a volatile trading session, with the benchmark KSE-100 index closing at 47,808.34 points, shedding 419.26pts or 0.87% from the previous day.

The index started the day on a positive note, but the momentum faded in the second half as the bears took over.

The index traded in a range of 996.16 points showing an intraday high of 48,622.9 and a low of 47,626.74.

Total Volume of the KSE100 Index was 175.252 million shares.

Of the 100 index companies 32 closed up, 61 closed down, 3 were unchanged while 4 remained untraded.

KSE100 Index was let down by Oil & Gas Exploration Companies with 124.22, Commercial Banks with 123.41, Power Generation & Distribution with 76.99, Technology & Communication with 68.88 and Oil & Gas Marketing Companies with 36.27 points.

Companies dragging the index lower were OGDC with 68.57, HUBC with 64.14, PPL with 60.16, MEBL with 40.68 and SYS with 32.81 points.

KSE100 index was supported by Inv. Banks / Inv. Cos. / Securities Cos. with 73.59, Miscellaneous with 9.03, Food & Personal Care Products with 8.24, Glass & Ceramics with 4.3 and Automobile Parts & Accessories with 3.43 points.

Companies adding points to the index were DAWH with 80.42, UBL with 36.32, NESTLE with 12.27, LUCK with 9.69 and LOTCHEM with 7.68 points.

In the broader market, the All-Share index closed at 31,749.88 with a net loss of 203.44 points.

Total market volume was 322.207 million shares compared to 312.301 from the previous session while traded value being recorded at 12.76 billion showing a decrease of Rs.1.55 billion.

There was 164,277 trades reported in 330 companies with 104 closing up, 208 closing down and 18 remaining unchanged.

On the earnings front, continuing the trend of strong earnings results from the banking sector, more banks announced impressive financial performance for the first half of 2023.

Bank Alfalah Limited (BAFL) reported a net profit of Rs18.63bn, a more than 2-fold increase from Rs8.77 billion in the same period last year.

Similarly, Meezan Bank Limited (MEBL) also posted a net profit of Rs32.92bn, a 92% jump from Rs17.14bn in the first half of 2022.

Both banks rewarded their shareholders with dividends, with BAFL declaring Rs2 per share and MEBL announcing Rs4 per share.

On the other hand, Engro Polymer and Chemicals Limited (EPCL) recorded a profit after tax of Rs2.75bn [EPS: Rs2.69] in 1HCY23, plummeting by 61% YoY, and paid an interim cash dividend of Rs1.50 (15%) per ordinary share and Rs0.50 (5%) per preference share for the second quarter.

On the global front, market participants are now monitoring the upcoming U.S. Consumer Price Index (CPI) figures to be released later due at 5:30 PST, wherein expectations are that of a hot data.

KSE-100 Weekly Time-Frame chart

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