PSX Closing Bell: Running up that Hill

November 21, 2023 (MLN): The local stock market resumed its bullish momentum, as the key stock market gauge KSE-100 index rose by 293.63 points or 0.51% to close today’s session at 57,371.59.

The positivity continues to be fueled by hopes of better economic conditions, following the International Monetary Fund (IMF)’s preliminary approval for the release of the next loan tranche under the current $3 billion loan program.

Upon approval, Pakistan will have access to SDR 528 million, which is around $700 million.

The index remained positive throughout the day, showing an intraday high of 57,691.22 (+613.26) and a low of 57,176.46 (+98.49) points.

The total volume of the KSE-100 Index was 355.673 million shares.

In a related development, the Pakistani Rupee (PKR) posted the fourth consecutive daily gain against the US Dollar today, showing signs of resilience.

Moreover, the current account balance data released this week showed a relatively flat deficit for the month compared to earlier, amounting to $74 million.

In today's session, of the 100 index companies 48 closed up, 31 closed down, while 21 remained untraded.

KSE-100 index was supported by Commercial Banks with 145.64, Power Generation & Distribution with 84.62, Cement with 35.35, Paper & Board with 18.99, and Leather & Tanneries with 17.07 points.

Companies adding points to the index were HUBC with 84.98, UBL with 39.65, LUCK with 27.66, FFBL with 21.66, and BAHL with 17.31 points.

KSE-100 Index was let down by Oil & Gas Exploration Companies with 48.39, Chemical with 23.02, Tobacco with 3.82, Pharmaceuticals with 2.5, and Technology & Communication with 2.08 points.

Companies dragging the index lower were OGDC with 29.35, PPL with 26.13, COLG with 25.56, FFC with 14.43 and TRG with 11.81 points.

In the broader market, the All-Share index closed at 38,509.16 with a net gain of 126.34 points.

Total market volume was 1.01bn shares compared to 718.29m from the previous session while traded value was recorded at Rs19.34bn showing an increase of Rs2.65bn.

There were 253,609 trades reported in 385 companies with 228 closing up, 141 closing down and 16 remaining unchanged.

WTL was the volume leader, with its US entity advancing closer to its NASDAQ listing.

To note, the KSE-100 has gained 15,919 points or 38.4% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,951 points, equivalent to 41.94% in the KSE-100.

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