PSX Closing Bell: Out of Breath

November 30, 2023 (MLN): The Pakistan stock market started the day with a bullish momentum, pushing the index close to the 61,000 mark.

However, it faced strong resistance at this level, which triggered a sell-off that dragged the index down by around 600 points.

The bulls tried to recover and challenge the 61,000 level again, but the bears were too dominant. Ultimately, closing the session at 60,531.27, with a margin gain of 29.28 points or 0.05% DoD.

The index traded in a range of 553.54 points showing an intraday high of 60,981.68 (+479.68) and a low of 60,428.14 (-73.86) points.

The total volume of the KSE-100 Index was 232.897 million shares.

Of the 100 index companies 35 closed up, 46 closed down, while 19 remained untraded.

KSE-100 index was supported by Automobile Assembler with 120.45, Cement with 110.61, Power Generation & Distribution with 78.62, Textile Composite with 9.16, and Chemical with 7.56 points.

Companies adding points to the index were MTL with 106.96, LUCK with 86.94, HUBC with 75.83, FFBL with 22.89, and SYS with 18.12 points.

KSE-100 Index was let down by Commercial Banks with 187.37, Oil & Gas Exploration Companies with 30.63, Oil & Gas Marketing Companies with 22.23, Technology & Communication with 20.37, and Fertilizer with 9.38 points.

Companies dragging the index lower were MCB with 77.12, ENGRO with 56.07, UBL with 47.53, TRG with 39.02 and MARI with 34.25 points.

In the broader market, the All-Share index closed at 40,324.28 with a net gain of 52.03 points.

The trading activity cooled off significantly, with a recorded market volume of 467.160 million shares compared to 692.220 from the previous session and a traded value worth Rs18.75 billion showing a decrease of Rs8.29bn or 30%.

There were 199,298 trades reported in 377 companies with 147 closing up, 211 closing down and 19 remaining unchanged.

To note, the KSE-100 has gained 19,079 points or 46.02% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 20,111 points, equivalent to 49.75% in the KSE-100.

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