PSX Closing Bell: Raging Bull

October 31, 2023 (MLN): The bulls continued their dominance in the local bourse today, pushing the benchmark KSE-100 index up by another 437.35 points or 0.85% on a daily basis.

The index closed at 51,920.27, marking another yearly high.

During the day, the Index surged above the 52,000 level for the first time since 2017, recording an intraday high of 52,088.71 (+605.78) points.

To note, this was the highest ever monthly close in history for the KSE-100 index.

The total volume of the KSE-100 Index was 252.19 million shares.

The market does not seem to be adversely affected by yesterday's decision of the central bank to maintain the policy rate, wherein some experts were of the belief that the market was expecting a small rate cut.

The market participants also anticipate a softer CPI reading which is set to be released tomorrow.

Furthermore, investors remain optimistic about a favorable International Monetary Fund (IMF) review that is scheduled to commence this week, which if remains successful will pave the way for a $700 million installment.

Of the 100 index companies 54 closed up, 32 closed down, 1 was unchanged, while 13 remained untraded.

KSE-100 index was supported by Commercial Banks with 168.91, Fertilizer with 89.54, Power Generation & Distribution with 81.63, Refinery with 56.17, and Oil & Gas Exploration Companies with 38.19 points.

Companies adding points to the index were ENGRO with 71.19, HUBC with 67.44, UBL with 65.55, ILP with 28.89, and MCB with 24.91 points.

KSE-100 Index was let down by Technology & Communication with 37.73, Chemical with 24.25, Cement with 21.87, Automobile Assembler with 17.02, and Property with 4.68 points.

Companies dragging the index lower were TRG with 63.54, MTL with 18.93, EPCL with 14.6, CHCC with 12.71 and EFERT with 11.67 points.

In the broader market, the All-Share index closed at 34,558.22 with a net gain of 293.01 points.

Total market volume was 455.332 million shares compared to 286.622 from the previous session while traded value was recorded at Rs15.64 billion showing an increase of Rs4.19bn.

There were 191,173 trades reported in 356 companies with 188 closing up, 146 closing down and 22 remaining unchanged.

To note, the KSE-100 has gained 10,468 points or 25.25% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 11,500 points, equivalent to 28.45% in the KSE-100.

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