PSX Closing Bell: Riding High, Falling Hard

September 26, 2024 (MLN): Pakistan's stocks were on the rise in the early trading hours today due to macroeconomic stability; however, bears emerged later, dragging the index lower by the close.

The benchmark KSE-100 Index concluded Thursday's trading session at 81,657.96, showing a decrease of 589.95 points or 0.72%.

The benchmark KSE-100 Index concluded Thursday's trading session at 81,657.96, showing a decrease of 589.95 points or 0.72%.

The index traded in a range of 1,353.07 points showing an intraday high of 82,905.73 (+657.82) and a low of 81,552.66 (-695.25) points.

The total volume of the KSE-100 Index was 152.66 million shares.

After a significant delay, the International Monetary Fund (IMF) has finally approved a 37-month Extended Arrangement for Pakistan, worth SDR 5,320 million (262% of quota, or approximately US$7 billion).

This will allow an immediate disbursement of SDR 760m (or about US$1bn), said a press release issued by the Fund.

Of the 100 index companies 35 closed up, 62 closed down, while 3 were unchanged.

Top losers during the day were ILP (-6.76%), PKGP (-5.35%), GLAXO (-4.84%), NCPL (-4.82%), and YOUW (-4.54%).

On the other hand, top gainers were KTML (+4.80%), AKBL (+4.59%), SRVI (+3.38%), HGFA (+2.95%), and ABOT (+2.34%).

In terms of index-point contributions, companies that dragged the index lower were HUBC (-160.21pts), FFC (-125.64pts), UBL (-63.53pts), ILP (-45.89pts), and MARI (-33.64pts).

Meanwhile, companies that added points to the index were SRVI (+26.84pts), BAFL (+25.95pts), POL (+22.53pts), BAHL (+22.40pts), and NBP (+21.75pts).

Sector-wise, KSE-100 Index was let down by Power Generation & Distribution (-213.24pts), Fertilizer (-182.63pts), Technology & Communication (-53.36pts), Oil & Gas Exploration Companies (-47.54pts), and Textile Composite (-38.74pts).

While the index was supported by Leather & Tanneries (+26.84pts), Paper, Board & Packaging (+8.82pts), Glass & Ceramics (+6.64pts), Refinery (+5.93pts), and Real Estate Investment Trust (+4.68pts).

In the broader market, the All-Share Index closed at 52,269.81 with a net loss of 348.44 points or 0.66%.

Total market volume was 423.94 million shares compared to 422.16m from the previous session while traded value was recorded at Rs17.67 billion showing a decrease of Rs0.71bn.

There were 227,046 trades reported in 444 companies with 125 closing up, 263 closing down, and 56 remaining unchanged.

To note, the KSE-100 has gained 3,213 points or 4.10% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 19,207 points, equivalent to 30.76%.

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