PSX Closing Bell: Price Discovery

December 15, 2023 (MLN): The benchmark KSE-100 index ended Friday's trading session at 66,130.02 showing an increase of 679.83 points or 1.04%.

Today’s positivity stems from a series of developments, potentially paving the way for attracting much-needed foreign investments for the cash-strapped nation.

Yesterday, the executive committee for the Special Investment Facilitation Council (SIFC) launched a business and investment-friendly SIFC Visa facility, an important milestone towards creating an enabling environment for foreign investors.

Moreover, the successful acquisition of Telenor by PTC worth around $400 million has also played a role in boosting market sentiments.

The IT minister has praised the acquisition, noting its positive implications for the telecom sector and its potential to accelerate digital transformation in the country.

The index remained positive throughout the day, showing an intraday high of 66,346.77 (+896.58) and a low of 65,559.49 (+109.30) points.

The total volume of the KSE-100 index surged to 984.029 million shares.

Of the 100 index companies 60 closed up, 19 closed down, while 21 remained untraded.

KSE-100 index was supported by Oil & Gas Exploration Companies with 159.49, Fertilizer with 109.49, Commercial Banks with 81.43, Power Generation & Distribution with 61.16, and Automobile Assembler with 55.81 points.

On the contrary, the index was let down by Leather & Tanneries with 16.8, Property with 3.22, Automobile Parts & Accessories with 2.39, Paper & Board with 1.59, and Textile Composite with 1.33 points.

Companies adding points to the index were PPL with 111.22, KEL with 61.98, MTL with 45.55, CNERGY with 45.49, and BAFL with 42.84 points.

Meanwhile, companies that dragged the index lower were MEBL with 25.26, BAHL with 23.45, SRVI with 16.8, UBL with 14.41 and HUBC with 13.28 points.

In the broader market, the All-Share index closed at 44,049.22 with a net gain of 556.71 points.

Total market volume was 1,741.362 million shares compared to 981.195 from the previous session while traded value was recorded at Rs29.98 billion showing an increase of Rs6.23bn.

This was the second-highest daily traded volume in the last decade, just behind May 2021.

In today's session, there were 315,202 trades reported in 386 companies with 258 closing up, 112 closing down and 16 remaining unchanged.

To note, the KSE-100 has gained 24,677 points or 59.53% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 25,710 points, equivalent to 63.61%.

On a weekly basis, the KSE-100 index snapped its 10-week-long streak, recording a marginal decline of 93.6pts or 0.14% WoW.

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