PSX Closing Bell: Rank Radiance

August 29, 2024 (MLN): Riding optimism over yesterday's upgrade from Moody's Investors Service, bulls roared today, driving the benchmark KSE-100 Index up by 356.88 points, or 0.46%, to close at 78,349.66.

The index remained positive throughout the day showing an intraday high of 78,513.85 (+521.07) and a low of 78,017.35 (+24.57) points.

The total volume of the KSE-100 Index was 151.39 million shares.

Moody's said that this upgrade reflects Pakistan's improved macroeconomic conditions and moderately better government external positions from very weak levels.

Of the 100 index companies 49 closed up, 49 closed down, while 2 were unchanged.

Top gainers during the day were MTL (+9.68%), NBP (+8.96%), COLG (+7.78%), PABC (+5.51%), and PSEL (+5.49%).

On the other hand, top losers were AKBL (-4.71%), AVN (-4.23%), BOP (-3.74%), SHFA (-3.44%), and BWCL (-2.52%).

In terms of index-point contributions, companies that propped up the index were MTL (+136.64pts), ENGRO (+109.69pts), NBP (+77.12pts), COLG (+68.37pts), and HUBC (+46.10pts).

Meanwhile, companies that dragged the index lower were MEBL (-34.98pts), SYS (-34.75pts), EFERT (-27.32pts), MARI (-18.42pts), and AKBL (-16.98pts).

Sector-wise, KSE-100 Index was supported by Automobile Assembler (+138.32pts), Fertilizer (+114.01pts), Food & Personal Care Products (+67.54pts), Power Generation & Distribution (+35.14pts), and Miscellaneous (+34.70pts).

While the index was let down by Technology & Communication (-51.00pts), Oil & Gas Exploration Companies (-19.73pts), Textile Composite (-9.88pts), Tobacco (-7.88pts), and Cement (-4.78pts).

In the broader market, the All-Share Index closed at 50,470.41 with a net gain of 235.65 points or 0.47%.

Total market volume was 599.82 million shares compared to 636.02m from the previous session while traded value was recorded at Rs20.41 billion showing an increase of Rs4.14bn.

There were 267,199 trades reported in 447 companies with 227 closing up, 164 closing down, and 56 remaining unchanged.

To note, the KSE-100 has lost 95 points or 0.12% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 15,899 points, equivalent to 25.46%.

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