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.
| Symbol | Price | Change % | Volume |
|---|---|---|---|
| HASCOL | 7.65 | -3.16% | 46,430,036 |
| AGHA | 13.68 | -10.00% | 28,794,375 |
| SLGL | 14.89 | -9.04% | 21,545,106 |
| WTL | 1.19 | -1.65% | 20,750,623 |
| CTM | 7.14 | 8.84% | 18,033,345 |
| SYM | 8.99 | -3.75% | 16,280,853 |
| AIRLINK | 141.87 | -3.93% | 15,688,899 |
| DFML | 48.1 | -8.97% | 12,565,447 |
| CNERGY | 3.82 | -1.04% | 11,883,567 |
| YOUW | 4.84 | -17.12% | 11,478,320 |
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%.
Copyright Mettis Link News
Posted on: 2024-09-02T16:30:15+05:00
