December 21, 2023 (MLN): The Pakistan Stock Exchange (PSX) commenced today by extending losses from the previous trading sessions, however, bulls entered the market and regained control, resulting in a positive close.
The benchmark KSE-100 Index closed Thursday's trading session at 62,693.57 showing an increase of 245.56 points or 0.39%.
The index traded in a range of 1,099.12 points showing an intraday high of 62,850.10 (+402.08) and a low of 61,750.97 (-697.04) points.
The total volume of the KSE-100 index was 527.22 million shares.
This positive close follows three consecutive declines witnessed by the KSE-100 index, during which it cumulatively lost around 3,681 points.
The long overdue correction can be attributed to over-leveraged positions in the market, coupled with profit-taking by investors after a prolonged rally.
The profit-taking was so dominant in the market that it even overshadowed the favorable performance of the country's current account, which posted a surplus of $9 million in November.
Of the 100 index companies 59 closed up, 20 closed down, 0 were unchanged, while 21 remained untraded.
KSE-100 index was supported by Refinery with 77.07, Oil & Gas Exploration Companies with 60.66, Oil & Gas Marketing Companies with 56.13, Cement with 45.55, and Textile Composite with 38.54 points.
On the contrary, the index was let down by Inv. Banks / Inv. Cos. / Securities Cos. with 68.2, Power Generation & Distribution with 41.76, Fertilizer with 41.7, Food & Personal Care Products with 14.47, and Synthetic & Rayon with 13.03 points.
Companies adding points to the index were PPL with 49.43, PSO with 37.55, OGDC with 37.37, CNERGY with 29.99, and ATRL with 28.99 points.
Meanwhile, companies that dragged the index lower were DAWH with 72.14, MCB with 31.95, ENGRO with 28.65, MARI with 24.09 and HUBC with 23.9 points.
In the broader market, the All-Share index closed at 41,866.38 with a net gain of 201.84 points.
Total market volume was 812.383 million shares compared to 1,187.369 from the previous session while traded value was recorded at Rs16.69 billion showing a decrease of Rs9.35bn.
There were 214,647 trades reported in 355 companies with 251 closing up, 90 closing down and 14 remaining unchanged.
| Company | Volume |
|---|---|
| KEL | 209,399,163 |
| CNERGY | 101,559,312 |
| WTL | 59,818,169 |
| PTC | 45,165,500 |
| KOSM | 36,927,500 |
| BOP | 32,840,152 |
| HASCOL | 26,584,000 |
| PAEL | 23,138,986 |
| PRL | 18,715,509 |
| FFL | 17,491,956 |
To note, the KSE-100 has gained 21,241 points or 51.24% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 22,273 points, equivalent to 55.1%.
KEL, CNERGY, WTL and PTC have retained their position as the top-volume leaders due to respective developments surrounding these companies.
In a recent development, CNERGY's Board has approved the draft Scheme of Arrangement for the corporate reorganization and restructuring of the company and its six wholly-owned subsidiaries to enhance the commercial structure and corporate governance of the undertakings and business units.
The talks surrounding WTl are that yesterday, its parent company (GlobalTech) extended its Merger and Reorganization agreement deadline from December 31, 2023, to March 31.
Moreover, in a positive development for KEL, the Economic Coordination Committee (ECC) has agreed to release an amount of Rs57bn as an advance subsidy in respect of K-Electric arrears.
Market participants remain attracted to the shares of PTCL since the entity finalized its deal to acquire a 100% stake in Telenor Pakistan for Rs108bn.
Copyright Mettis Link News
Posted on: 2023-12-21T16:16:43+05:00
