PSX Closing Bell: One-Horse Race

November 06, 2024 (MLN): Pakistan stocks rose during early hours Wednesday but then gave up their advance and ended in red after Donald Trump won the US presidential election.

The benchmark KSE-100 Index closed the session at 92,021.44, showing a decrease of 282.88 points or 0.31%.

Trump’s presidency could weigh on bonds, emerging markets, clean energy, and sustainable investing, according to Edison Research.

Meanwhile, the Republican presidency is expected to strengthen the U.S. dollar, with investors anticipating that his policies will lead to higher inflation and growth.

The index traded in a range of 1,075.47 points showing an intraday high of 92,966.94 (+662.62) and a low of 91,891.47 (-412.85) points.

The total volume of the KSE-100 Index was 376.32 million shares.

Of the 100 index companies 45 closed up, 51 closed down, while 4 were unchanged.

Top losers during the day were SYS (-4.70%), SCBPL (-4.64%), GLAXO (-3.84%), PAKT (-2.78%), and FCCL (-2.55%).

On the other hand, top gainers were BOP (+10.11%), PGLC (+8.70%), NRL (+8.60%), EPCL (+7.38%), and CNERGY (+6.48%).

In terms of index-point contributions, companies that dragged the index lower were SYS (-149.01pts), UBL (-91.23pts), OGDC (-37.13pts), BAHL (-34.15pts), and PPL (-27.16pts).

Meanwhile, companies that added points to the index were LUCK (+42.47pts), SAZEW (+27.00pts), BOP (+25.61pts), KOHC (+24.65pts), and EPCL (+19.21pts).

Sector-wise, KSE-100 Index was let down by Technology & Communication (-166.03pts), Oil & Gas Exploration Companies (-79.37pts), Commercial Banks (-49.76pts), Fertilizer (-40.39pts), and Pharmaceuticals (-27.02pts).

While the index was supported by Cement (+54.03pts), Automobile Assembler (+33.31pts), Chemical (+24.43pts), Refinery (+23.88pts), and Food & Personal Care Products (+14.21pts).

In the broader market, the All-Share Index closed at 58,529.41 with a net loss of 130.03 points or 0.22%.

Total market volume was 889.17 million shares compared to 752.66m from the previous session while traded value was recorded at Rs30.47 billion showing a decrease of Rs2.35bn.

There were 364,456 trades reported in 451 companies with 200 closing up, 200 closing down, and 51 remaining unchanged.

To note, the KSE-100 has gained 13,576 points or 17.31% during the fiscal year, whereas it has increased 29,570 points or 47.35% so far this calendar year.

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