PSX Closing Bell: Midas’ Golden Path

December 05, 2024 (MLN): Pakistan stock market witnessed an undisputed rally today, extending gains from previous sessions with the benchmark KSE-100 Index surging by 3,134.63 points or 2.98%.

The index closed at yet another record high of 108,328.97, driven by robust buying momentum fueled by strong expectations of a further policy rate cut by the central bank.

The index remained positive throughout the day showing an intraday high of 108,345.98 (+3,241.65) and a low of 105,448.05 (+343.72) points.

The total volume of the KSE-100 Index was 721.59 million shares.

Of the 100 index companies 78 closed up, 20 closed down, while 2 were unchanged.

Top gainers during the day were BOP (+11.00%), NML (+10.00%), INIL (+10.00%), PABC (+10.00%), and BWCL (+10.00%).

On the other hand, top losers were PIBTL (-4.90%), TRG (-3.59%), AGP (-1.86%), GLAXO (-1.64%), and KEL (-1.57%).

In terms of index-point contributions, companies that propped up the index were MARI (+392.25pts), FFC (+286.56pts), HUBC (+232.65pts), UBL (+217.13pts), and PPL (+176.76pts).

Meanwhile, companies that dragged the index lower were ENGRO (-39.42pts), TRG (-27.12pts), GLAXO (-13.36pts), PIBTL (-11.00pts), and HMB (-9.99pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+702.10pts), Oil & Gas Exploration Companies (+677.05pts), Fertilizer (+426.37pts), Cement (+369.29pts), and Power Generation & Distribution (+260.53pts).

While the index was let down by Pharmaceuticals (-11.39pts), Transport (-11.00pts), Textile Spinning (-0.81pts), Property (-0.56pts), and Textile Weaving (-0.02pts).

In the broader market, the All-Share Index closed at 68,184.59 with a net gain of 1,924.36 points or 2.90%.

Total market volume was 1,647.13 million shares compared to 1,749.32m from the previous session while traded value was recorded at Rs63.23 billion showing an increase of Rs12.81bn.

There were 555,721 trades reported in 472 companies with 306 closing up, 129 closing down, and 37 remaining unchanged.

To note, the KSE-100 has gained 29,794 points or 37.98% during the fiscal year, whereas it has increased 45,788 points or 73.32% so far this calendar year.

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