PSX Closing Bell: New Lifeline

February 23, 2024 (MLN): Pakistan Stock Exchange (PSX) extended its gains further after the International Monetary Fund (IMF) expressed its eagerness to collaborate with the new government on policies to ensure macroeconomic stability.

The benchmark KSE-100 index closed Friday's trading session at 62,815.82 showing an increase of 901.47 points or 1.46%.

The index traded in a range of 1,095.70 points showing an intraday high of 62,945.37 (+1,031.03) and a low of 61,849.67 (-64.67) points.

The total volume of the KSE-100 index was 196.698 million shares.

In a press briefing on Thursday, Ms. Julie Kozack, Director of Communication, stated, “During the period of the caretaker government, the authorities have maintained economic stability.”

This has been done through strict adherence to fiscal targets while also protecting the social safety net.

It has been done by maintaining a tight monetary policy stance to control inflation and to continue to build up foreign exchange reserves.

“We look forward to working with the new government on policies to ensure macroeconomic stability and prosperity for all of Pakistan's citizens,” she further added.

In today's session, of the 100 index companies 65 closed up, 26 closed down, 2 were unchanged, while 7 remained untraded.

KSE-100 index was supported by Oil & Gas Exploration Companies with 318.22, Commercial Banks with 253.13, Fertilizer with 64.21, Power Generation & Distribution with 50.77, and Textile Composite with 45.61 points.

On the contrary, the index was let down by Technology & Communication with 10.49, Inv. Banks / Inv. Cos. / Securities Cos. with 4.23, Cable & Electrical Goods with 1.7, Transport with 1.23, and Real Estate Investment Trust with 0.68 points.

Companies adding points to the index were OGDC with 168.25, PPL with 98.35, MEBL with 89.92, FFC with 68.97, and MCB with 52.69 points.

Meanwhile, companies that dragged the index lower were TRG with 13.44, SYS with 9.52, HINOON with 7.7, FFBL with 7.06 and AVN with 4.39 points.

In the broader market, the All-Share index closed at 42,129.00 with a net gain of 637.12 points.

Total market volume was 377.974 million shares compared to 324.830 from the previous session while traded value was recorded at Rs16.01 billion showing an increase of Rs2.04bn.

There were 180,060 trades reported in 337 companies with 199 closing up, 118 closing down and 20 remaining unchanged.

To note, the KSE-100 has gained 21,363 points or 51.54% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 365 points, equivalent to 0.58%.

Yesterday, the index had gained 355.19 points or 0.58%.

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