July 27, 2023 (MLN): Continuing the bullish momentum, the benchmark KSE-100 index rally was further fueled today on the back of China’s loan relief, resultantly the index closed at 47,077 points, adding 394.47 or 0.84% DoD.
To note, the KSE-100 index breached the 47,000pts mark after 21 months, and recorded the highest daily close since Nov 08, 2021.
The index remained positive throughout the session touching an intraday high of 47,393.47.
Total Volume of the KSE100 Index was 253.978 million shares.
The KSE-100 index has gained 5,624pts or 13.57% since the Staff Level Agreement (SLA) was signed with the International Monetary Fund (IMF) on June 30.
Of the 100 index companies 45 closed up, 45 closed down, 6 were unchanged while 4 remained untraded.
KSE100 index was supported by Commercial Banks with 199.91, Oil & Gas Exploration Companies with 151.23, Power Generation & Distribution with 77.63, Oil & Gas Marketing Companies with 43.46 and Chemical with 15.28 points.
Companies adding points to the index were HBL with 101.56, OGDC with 78.56, HUBC with 76.51, PPL with 41.56 and UBL with 34.79 points.
KSE100 Index was let down by Fertilizer with 38.92, Technology & Communication with 33.51, Inv. Banks / Inv. Cos. / Securities Cos. with 18.63, Tobacco with 7.7 and Textile Composite with 6.82 points.
Companies dragging the index lower were SYS with 25.47, EFERT with 18.84, ENGRO with 18.63, DAWH with 17.33 and UNITY with 10.24 points.
In the broader market, the All-Share index closed at 31,441.13 with a net gain of 255.28 points.
Total market volume was 455.106 million shares compared to 429.516 from the previous session while traded value being recorded at 17.88 billion showing an increase of Rs.3.74 billion.
There was 190,488 trades reported in 342 companies with 146 closing up, 181 closing down and 15 remaining unchanged.
| Company | Volume |
|---|---|
| WTL | 40,144,185 |
| KEL | 30,123,207 |
| OGDC | 28,454,810 |
| HASCOL | 23,808,000 |
| PPL | 20,563,826 |
| AGL | 20,440,500 |
| NBP | 15,841,000 |
| HBL | 11,853,750 |
| CNERGY | 11,497,260 |
| UNITY | 11,475,602 |
With respect to the economy, China Exim Bank extended Pakistan’s $2.4 billion loan for a time span of two years.
The loans have been rescheduled for FY2023-24 and FY2024-25 worth $1.2bn each.
Pakistan will only pay interest on these loans in both years.
On the other hand, the Weekly Sensitive Price Indicator (SPI) increased by a staggering 3.73% during the week ended July 26, 2023, taking the yearly SPI to 29.2%.
This was the highest WoW increase since October 27, 2022.
Meanwhile, Engro Fertilizers Limited (PSX: EFERT) posted Rs5.46bn Profit In 1HCY23, and announced a DPS of Rs6.5.
On the global front, yesterday the U.S. Federal Reserve raised interest rates by 25 basis points to 5.25%-5.5% in a unanimous decision, bringing the benchmark funds rate to its highest level in 22 years.
European Central Bank (ECB) is also expected to hike its benchmark refinancing interest rate by 25 basis points to 4.25% today.
The U.S. stock market benchmark S&P 500 index made a new 52-week high in yesterday's trading session, closing at $4,566.74 amid strong quarter two tech earnings.
S&P 500 is up 18.94% year-to-date, and just a shy of 5.23% away from the all-time high it made in January 2022, before the Federal Reserve started its fastest-ever rate hike cycles in history, taking interest rates from 0.25% in March 2022 to 5.5% now.
Key benchmarks for oil are near their highest level since April on OPEC+ output cuts and China's recovery.
KSE-100 Weekly time-frame chart
Copyright Mettis Link News
Posted on: 2023-07-27T16:28:43+05:00
