PSX Closing Bell: Oil Up

August 08, 2024 (MLN): Pakistan stocks jumped on Thursday during the late hours of the trading session after better-than-expected result from index heavyweight Mari Petroleum boosted investors’ confidence.

The benchmark KSE-100 Index traded in a narrow range throughout the session until Mari announced its results around 2:00pm, which sharply lifted the index.

KSE-100 rose 759.73 points or 0.99% to close at 77,874.2.

Mari’s stock soared 10% while its peers Oil & Gas Development Company and Pakistan Petroleum also jumped.

The index traded in a range of 883.79 points showing an intraday high of 77,969.26 (+854.77) and a low of 77,085.47 (-29.02) points.

The total volume of the KSE-100 Index was 192.85 million shares.

Read: Mari Petroleum profit surges

Of the 100 index companies 52 closed up, 41 closed down, while 7 were unchanged.

Top gainers during the day were MARI (+10.00%), BNWM (+9.99%), OGDC (+7.29%), FFBL (+7.08%), and KOHC (+5.47%).

On the other hand, top losers were YOUW (-4.39%), FFC (-4.30%), FHAM (-4.22%), PTC (-2.47%), and PKGP (-2.34%).

In terms of index-point contributions, companies that propped up the index were MARI (+220.63pts), OGDC (+193.17pts), PPL (+74.19pts), UBL (+55.00pts), and FFBL (+43.43pts).

Meanwhile, companies that dragged the index lower were FFC (-168.54pts), BAHL (-38.87pts), ENGRO (-12.72pts), PKGP (-10.13pts), and COLG (-7.97pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+488.11pts), Cement (+118.07pts), Commercial Banks (+93.00pts), Oil & Gas Marketing Companies (+56.35pts), and Power Generation & Distribution (+42.19pts).

While the index was let down by Fertilizer (-102.06pts), Textile Composite (-6.10pts), Pharmaceuticals (-5.97pts), Automobile Assembler (-5.64pts), and Property (-2.84pts).

In the broader market, the All-Share Index closed at 49,969.98 with a net gain of 601.07 points or 1.22%.

Total market volume was 493.09 million shares compared to 447.53m from the previous session while traded value was recorded at Rs25.85 billion showing an increase of Rs7.46bn.

There were 260,656 trades reported in 434 companies with 182 closing up, 198 closing down, and 54 remaining unchanged.

To note, the KSE-100 has lost 571 points or 0.73% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 15,423 points, equivalent to 24.70%.

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