PSX Closing Bell: Running on Fumes

September 30, 2024 (MLN): Pakistan stocks kicked off the week on a bearish note, with index heavyweights Hub Power and Mari Petroleum dragging down the market before paring some of the losses.

The equity benchmark KSE-100 Index concluded Monday's trading session at 81,114.20, showing a decrease of 177.93 points or 0.22%.

Hub Power’s shares plunged amid threats of power plant contract revision. Mari Petroleum fell following the distribution of bonus shares to investors but later erased all losses and closed the day in green.

Escalating tensions in the Middle East also took a toll on market sentiment following the fallout from Israel's killing of Hezbollah's leader over the weekend.

Hezbollah chief Hassan Nasrallah was killed in an air strike on Lebanon’s capital Beirut, dealing a major blow to the group and its sponsor, Tehran.

The index traded in a range of 969.41 points showing an intraday high of 81,321.63 (+29.50) and a low of 80,352.22 (-939.91) points.

The total volume of the KSE-100 Index was 116.76 million shares.

Of the 100 index companies 38 closed up, 59 closed down, while 3 were unchanged.

Top losers during the day were INIL (-9.29%), TRG (-7.53%), RMPL (-7.38%), ISL (-5.90%), and SCBPL (-5.33%).

On the other hand, top gainers were MARI (+4.09%), NBP (+3.95%), NCPL (+3.77%), SHFA (+3.50%), and FFBL (+3.49%).

In terms of index-point contributions, companies that dragged the index lower were HUBC (-139.44pts), MEBL (-49.84pts), TRG (-49.16pts), BAHL (-48.08pts), and ENGRO (-47.40pts).

Meanwhile, companies that added points to the index were MARI (+129.82pts), FFC (+126.78pts), UBL (+43.72pts), NBP (+37.57pts), and FFBL (+24.71pts).

Sector-wise, KSE-100 Index was let down by Power Generation & Distribution (-128.28pts), Commercial Banks (-68.52pts), Technology & Communication (-56.78pts), Engineering (-51.55pts), and Cement (-36.59pts).

While the index was supported by Oil & Gas Exploration Companies (+110.62pts), Fertilizer (+106.73pts), Automobile Assembler (+21.20pts), Chemical (+12.95pts), and Paper, Board & Packaging (+8.36pts).

In the broader market, the All-Share Index closed at 51,814.23 with a net loss of 163.78 points or 0.32%.

Total market volume was 297.99 million shares compared to 339.32m from the previous session while traded value was recorded at Rs14.10 billion showing an increase of Rs1.21bn.

There were 190,704 trades reported in 441 companies with 132 closing up, 241 closing down, and 68 remaining unchanged.

To note, the KSE-100 has gained 2,669 points or 3.40% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 18,663 points, equivalent to 29.88%.

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