PSX Closing Bell: Powering Up

February 22, 2024 (MLN): Pakistan Stock Exchange (PSX) extended its gains from yesterday, largely driven by the surge in technology stocks.

The tech sector stood strong as Systems Limited shrugged off the potential negativity stemming from the 'alleged' accounting scandal that rocked its Swiss partner, Temenos AG.

PSX's benchmark KSE-100 index closed Thursday's trading session at 61,914.34 showing an increase of 355.19 points or 0.58%.

The index traded in a range of 491.65 points showing an intraday high of 61,952.10 (+392.94) and a low of 61,460.45 (-98.71) points.

The total volume of the KSE-100 index was 171.78 million shares.

Advancers to decliners remained equally distributed, with 50 companies closing up and 41 closing down.

Meanwhile 2 were unchanged and 7 remained untraded.

KSE-100 index was supported by Technology & Communication with 191.04, Commercial Banks with 114.38, Fertilizer with 75.66, Oil & Gas Marketing Companies with 26.75, and Textile Composite with 23.51 points.

On the contrary, the index was let down by Pharmaceuticals with 47.85, Cement with 32.25, Oil & Gas Exploration Companies with 19.66, Automobile Assembler with 15.77, and Tobacco with 4.61 points.

Companies adding points to the index were SYS with 122.93, MEBL with 88.36, TRG with 57.95, EFERT with 53.77, and UBL with 43.52 points.

Meanwhile, companies that dragged the index lower were INDU with 34.59, LUCK with 25.08, PPL with 21.63, HINOON with 17.4 and NBP with 14 points.

In the broader market, the All-Share index closed at 41,491.88 with a net gain of 101.39 points.

Total market volume was 324.830 million shares compared to 362.771 from the previous session while traded value was recorded at Rs13.97 billion showing an increase of Rs1.46bn.

There were 162,697 trades reported in 352 companies with 185 closing up, 143 closing down and 24 remaining unchanged.

To note, the KSE-100 has gained 20,462 points or 49.36% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative decrease of 537 points, equivalent to 0.86%.

Yesterday, the index had gained 1,094.91 points or 1.81%.

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