PSX Closing Bell: One Step Forward

March 14, 2024 (MLN): Pakistan stock market bounced back strong on Thursday with its key benchmark KSE-100 index surging 1015.83 points or 1.59% to close at 65,064.27.

The index had lost about 1,745 points or 2.65% this week, which has now been trimmed to 729.5 points or 1.11%.

Investors are bracing for the upcoming monetary policy decision, wherein the market is somewhat divided on the appropriate action for the State Bank of Pakistan.

The index remained positive throughout the day, showing an intraday high of 65,205.82 (+1,157.38) and a low of 64,079.97 (+31.53) points.

The total volume of the KSE-100 index was 136.555 million shares.

Of the 100 index companies 82 closed up, 10 closed down, while 8 remained untraded.

KSE-100 index was supported by Oil & Gas Exploration Companies with 261.01, Technology & Communication with 93.04, Cement with 84.55, Oil & Gas Marketing Companies with 75.37, and Refinery with 71.73 points.

On the contrary, the only sectors that landed in the red zone were Insurance with 1.27, Modarabas with 0.19, and Textile Spinning with 0.06 points.

Companies adding points to the index were OGDC with 104.98, PPL with 91.96, MARI with 59.85, MEBL with 55.55, and PSO with 53.85 points.

Meanwhile, companies that dragged the index lower were BAHL with 39.11, UBL with 12.27, MCB with 8.73, PIOC with 4.74 and ABOT with 1.94 points.

In the broader market, the All-Share index closed at 43,262.92 with a net gain of 703.16 points.

Total market volume was 315.248 million shares compared to 252.752 from the previous session while traded value was recorded at Rs10.49 billion showing an increase of Rs1.23bn.

There were 129,982 trades reported in 333 companies with 247 closing up, 70 closing down and 16 remaining unchanged.

To note, the KSE-100 has gained 23,612 points or 56.96% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 2,613 points, equivalent to 4.18%.

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