PSX Closing Bell: Left in Limbo

September 02, 2024 (MLN): Pakistan stocks kicked off the week on a positive note owing to a rating upgrade by Moody’s last week and expectations of a significant slowdown in inflation.

However, concerns regarding a delay in the International Monetary Fund (IMF) executive board’s approval for the eagerly awaited $7 billion bailout package continued to take a toll on markets.

Moreover, earnings from the refinery sector failed to live up to investor hopes.

The benchmark KSE-100 ultimately closed Monday's trading session at 78,283.29, showing a decrease of 204.92 points or 0.26%. Last week, the index lost 0.4%.

The index traded in a range of 774.32 points showing an intraday high of 79,014.68 (+526.47) and a low of 78,240.36 (-247.85) points.

The total volume of the KSE-100 Index was 121.32 million shares.

On the economic front, Pakistan's inflation fell to 9.6% in August compared to 11.1% in the last month and 27.4% in August 2023, the Pakistan Bureau of Statistics (PBS) reported on Monday.

The annual rise in the consumer price index (CPI) was in line with the market expectations of 9.6%, and marked the first single-digit inflation since October 2021, when it was 9.2%.

Of the 100 index companies 30 closed up, 65 closed down, while 5 were unchanged.

Top losers during the day were YOUW (-17.12%), INIL (-7.91%), NRL (-6.69%), BNWM (-6.28%), and APL (-4.95%).

National Refinery Limited (NRL) posted a loss after tax of Rs8.27 billion [LPS: Rs103.39] during the quarter ending June 2024.

On the other hand, top gainers were FCEPL (+10.00%), THALL (+5.88%), PGLC (+4.29%), SRVI (+4.01%), and PIBTL (+3.42%).

In terms of index-point contributions, companies that dragged the index lower were MEBL (-64.01pts), ENGRO (-45.32pts), HBL (-41.18pts), MTL (-30.62pts), and UBL (-26.99pts).

Meanwhile, companies that added points to the index were HUBC (+57.99pts), MARI (+44.39pts), THALL (+27.46pts), SRVI (+26.96pts), and BAHL (+20.69pts).

Sector-wise, KSE-100 Index was let down by Commercial Banks (-152.40pts), Fertilizer (-61.97pts), Technology & Communication (-47.40pts), Engineering (-25.82pts), and Refinery (-21.42pts).

While the index was supported by Power Generation & Distribution (+73.83pts), Oil & Gas Exploration Companies (+70.87pts), Automobile Parts & Accessories (+27.46pts), Leather & Tanneries (+26.96pts), and Textile Composite (+6.92pts).

In the broader market, the All-Share Index closed at 50,391.04 with a net loss of 283.69 points or 0.56%.

Total market volume was 457.28 million shares compared to 680.81m from the previous session while traded value was recorded at Rs15.87 billion showing a decrease of Rs5.31bn.

There were 242,162 trades reported in 447 companies with 107 closing up, 287 closing down, and 53 remaining unchanged.

To note, the KSE-100 has lost 162 points or 0.21% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 15,832 points, equivalent to 25.35%.

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