December 07, 2023 (MLN): Pakistan stock market's benchmark index closed in green for another session and is on track to record its tenth consecutive weekly gain, the longest winning streak in over six years.

The index witnessed a volatile session today, swinging in a wide range of 1,105 points between 64,958.10 (+1,040.38) and 63,853.05 (-64.68).

Heavy buying in the first half of the session propped up the index close to the 65,000 mark.

However, profit-taking activities briefly dragged the index down to a low of 63,853.05 before buyers pushed it back toward intraday highs, ultimately ending the day at 64,718.08 showing an increase of 800.35 points or 1.25%.

Furthermore, market participation remained heightened, with KSE-100’s volume surging to a new high of 765.341 million shares.

The local stock market has been enjoying a bullish run 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.

Analyst fraternity is of the view that this is expected to continue in 2024 owing to robust earnings growth, enticing valuation, and comparatively steady economic growth

In today's session, of the 100 index companies 57 closed up, 38 closed down, 1 was unchanged, while 4 remained untraded.

KSE-100 index was supported by Commercial Banks with 538.98, Oil & Gas Marketing Companies with 83.35, Fertilizer with 60.86, Oil & Gas Exploration Companies with 56.87, and Leather & Tanneries with 29.96 points.

Companies adding points to the index were BAHL with 115.25, MARI with 102.95, MEBL with 99.83, PSO with 90.28, and BAFL with 74.48 points.

KSE-100 Index was let down by Technology & Communication with 36.87, Cement with 33.89, Miscellaneous with 9.72, Automobile Assembler with 8.32, and Food & Personal Care Products with 7.93 points.

Companies dragging the index lower were HUBC with 37.77, LUCK with 31.54, SYS with 27.26, OGDC with 24.46 and POL with 16.15 points.

In the broader market, the All-Share index closed at 43,034.07 with a net gain of 500.76 points.

Total market volume was 1.32 billion shares compared to 984.81m from the previous session while traded value was recorded at Rs37.18bn showing an increase of Rs2.08bn.

There were 363,523 trades reported in 401 companies with 215 closing up, 167 closing down and 19 remaining unchanged.

To note, the KSE-100 has gained 23,265 points or 56.13% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 24,298 points, equivalent to 60.11%.

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Posted on: 2023-12-07T16:21:26+05:00