December 08, 2023 (MLN): The Pakistan stock market's key index achieved three major milestones in a single day, breaking through the 65,000 and 66,000 barriers, and registering the highest weekly point gain ever.
The KSE-100 index gained 4,532.38 this week to close at a record high of 66,223.63, surpassing the previous weekly point gain record achieved in April 2020.
The index sustained its winning streak for the tenth consecutive week, the longest since 2021.
Moreover, it registered the fifth-highest daily point gain in its history, gaining 1,505.56 points or 2.33% DoD.
In today's session, the index remained positive throughout the day, showing an intraday high of 66,273.73 (+1,555.65) and a low of 65,055.17 (+337.10) points.
The total volume of the KSE-100 Index surged to another record high of 818.337 million shares.
Today's optimism stemmed on the back of the commendation from Mr. Nathan Porter, the IMF Mission Chief to Pakistan.
He praised the actions and policies of the Pakistani authorities, attributing them to the overall enhancement of the economic situation.
Moreover, there is now clarity on the IMF loan front, as the fund's executive board is scheduled to meet on January 11, 2024, to consider final approval for the disbursement of the next $700 million tranche from its current loan program.
Of the 100 index companies 66 closed up, 24 closed down, 1 was unchanged, while 9 remained untraded.
KSE-100 index was supported by Commercial Banks with 695.74, Fertilizer with 183.92, Oil & Gas Exploration Companies with 181.05, Oil & Gas Marketing Companies with 97.48, and Power Generation & Distribution with 92.57 points.
On the contrary, the index was let down by Automobile Assembler with 11.38, Refinery with 2.01, Glass & Ceramics with 1.09, Vanaspati & Allied Industries with 0.54, and Woollen with 0.1 points.
Companies adding points to the index were MCB with 166.44, HBL with 150.02, BAHL with 105.17, UBL with 101.44, and EFERT with 88.76 points.
Meanwhile, companies that dragged the index lower were SYS with 22.13, MTL with 14.06, LUCK with 10.66, BWCL with 6.28 and UPFL with 5.59 points.
In the broader market, the All-Share index closed at 43,881.53 with a net gain of 847.45 points.
Total market volume was 1,329.550 million shares compared to 1,316.526 from the previous session while traded value was recorded at Rs33.38 billion showing a decrease of Rs3.80bn.
There were 306,856 trades reported in 394 companies with 257 closing up, 126 closing down and 11 remaining unchanged.
| Company | Volume |
|---|---|
| KEL | 342,535,258 |
| WTL | 98,557,282 |
| PTC | 58,736,500 |
| KOSM | 56,593,500 |
| FFL | 47,998,197 |
| CNERGY | 46,684,647 |
| BOP | 32,876,325 |
| PAEL | 29,819,540 |
| HASCOL | 27,935,500 |
| PIBTL | 25,443,500 |
In a related development, the Pakistani Rupee (PKR) recorded a fourth consecutive weekly gain.
The local stock market has been on a bullish streak amid hopes of improved economic conditions following the expected inflows from IMF and friendly countries, relatively stable currency amid government-backed administrative efforts, and a possible slash in the interest rates.
Analysts expect this trend to continue in 2024 owing to robust earnings growth, attractive valuation, and steady economic growth.
The KSE-100 has gained 24,771 points or 59.76% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 25,803 points, equivalent to 63.84%.
Copyright Mettis Link News
Posted on: 2023-12-08T17:20:45+05:00
