PSX Closing Bell: Oil the Wheels

February 06, 2024 (MLN): The benchmark KSE-100 index closed Tuesday's trading session at 63,799 showing an increase of 796.10 points or 1.26%.

The index remained positive throughout the day, showing an intraday high of 63,885.10 (+882.18) and a low of 63,176.97 (+174.05) points.

The total volume of the KSE-100 index was 167.998 million shares.

The index-heavy companies, OGDC and PPL, with a combined weightage of around 8.6% of the total KSE-100, surged more than 5% each.

This follows media reports indicating that the long-awaited negotiations between the government and the International Monetary Fund (IMF) regarding the settlement of the energy sector's circular debt have started.

Of the 100 index companies 69 closed up, 18 closed down, 6 were unchanged, while 7 remained untraded.

Meanwhile, strong corporate results from the banking sector also boosted investors' confidence.

KSE-100 index was supported by Oil & Gas Exploration Companies with 328.01, Commercial Banks with 162.54, Cement with 53.76, Fertilizer with 38.08, and Oil & Gas Marketing Companies with 36.08 points.

On the contrary, the only sectors that landed in the red zone were Automobile Assembler with 3.03, Real Estate Investment Trust with 0.51, and Leasing Companies with 0.09 points.

Companies adding points to the index were OGDC with 156.4, PPL with 122.32, MARI with 63.08, EFERT with 41.12, and BAHL with 36.04 points.

Meanwhile, companies that dragged the index lower were SYS with 17.86, POL with 13.79, FFC with 12.98, APL with 11.24 and MTL with 3.81 points.

In the broader market, the All-Share index closed at 43,147.97 with a net gain of 570.68 points.

Total market volume was 330.922 million shares compared to 263.548 from the previous session while traded value was recorded at Rs15.20 billion showing an increase of Rs4.46bn.

There were 167,225 trades reported in 333 companies with 229 closing up, 77 closing down and 27 remaining unchanged.

To note, the KSE-100 has gained 22,346 points or 53.91% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 1,348 points, equivalent to 2.16%.

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