August 24, 2023 (MLN): The benchmark KSE-100 index staged a strong recovery on Thursday, gaining 332.13 points or 0.7% to close at 47,750.77.
The index rebounded strongly from the 47,000 support level that it tested yesterday.
The index remained positive throughout the session touching an intraday high of 47,994.18 (+575.55) points.
Total Volume of the KSE100 Index was 168.477 million shares.
Of the 100 index companies 58 closed up, 28 closed down, 7 were unchanged while 7 remained untraded.
The positive momentum continued to be driven by the banking sector, which contributed 169.58 points, followed by Oil & Gas Exploration Companies with 56.65, Technology & Communication with 37.75, Fertilizer with 26.77 and Power Generation & Distribution with 23.25 points.
Companies adding points to the index were MCB with 64.29, UBL with 38.65, SYS with 37.91, POL with 36.45 and MEBL with 25.37 points.
KSE100 Index was let down by Inv. Banks / Inv. Cos. / Securities Cos. with 48.56, Food & Personal Care Products with 18.22, Property with 4.56, Glass & Ceramics with 4.06 and Automobile Parts & Accessories with 1.65 points.
Companies dragging the index lower were DAWH with 44.45, FABL with 19.35, NESTLE with 13.2, UNITY with 6.19 and PPL with 6.09 points.
On the economic front, Pakistani Rupee (PKR) continued to take a beating and settled at an all-time low of 300.23 per US Dollar.
High demand for the dollar, a 30% MoM increase in imports in July, and many individuals being heavily invested in dollars are putting pressure on the rupee’s value.
Meanwhile, the State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs2.07 trillion against a target of Rs2.25tr for 3 and 12 months, with cut-off yields of 22.8803% and 22.94% respectively. While the bids for 6 months were rejected.
On another note, the latest fertilizer sector data showed strong performance, as the overall nutrient offtake increased by 32.6% YoY to 411,000 tons in July 2023.
In the broader market, the All-Share index closed at 31,686.29 with a net gain of 192.18 points.
Total market volume was 251.691 million shares compared to 188.68 from the previous session while traded value being recorded at 12.8 billion showing an increase of Rs.4.0 billion.
There was 111,011 trades reported in 316 companies with 173 closing up, 114 closing down and 29 remaining unchanged.
| Company | Volume |
|---|---|
| FABL | 21,922,419 |
| NCPL | 15,282,500 |
| GATM | 14,664,132 |
| OGDC | 12,764,451 |
| FCCL | 11,569,500 |
| PPL | 10,213,573 |
| WTL | 10,203,013 |
| HBL | 10,046,060 |
| PSX | 9,678,000 |
| BIPL | 6,011,761 |
With respect to the earnings, more banks posted impressive growth in profits for the first half of 2023.
Faysal Bank Limited (FABL) reported a 75.77% YoY increase in profit for 1HCY23, earning Rs7.66 billion [EPS: Rs5.05].
Samba Bank Limited (SBL) also saw a 2.08x rise in net profits for H1 2023, reaching Rs706.1 million [EPS: Rs0.7].
Elsewhere, global markets were uplifted by the AI chip titan Nvidia’s record-high earnings.
KSE-100 Weekly time-frame chart
Copyright Mettis Link News
Posted on: 2023-08-24T16:37:36+05:00
