PSX Closing Bell: Sell High, Buy Low

April 18, 2024 (MLN): The benchmark KSE-100 index remained rangebound in Thursday's trading session, and closed at 70,290.12 showing a marginal decrease of 43.20 points or 0.06%.

The index traded in a range of 861.98 points showing an intraday high of 70,645.30 (+311.98) and a low of 69,783.32 (-550.00) points.

The total volume of the KSE-100 index was 237.695 million shares.

Advancers to decliners remained equally distributed, with 48 companies closing up and 49 closing down.

Meanwhile 2 were unchanged and 1 remained untraded.

Engro Fertilizers’ (PSX: EFERT) posted its earnings for 1Q2024, with its profits soaring by 59.4% YoY to Rs8.8 billion.

Accordingly, most of the selling pressure was offset by the fertilizer sector alone, which added 148.97 to the KSE-100 index.

Other positive contributors were Refinery with 20.79, Inv. Banks / Inv. Cos. / Securities Cos. with 16.83, Miscellaneous with 14.58, and Oil & Gas Marketing Companies with 11.11 points.

On the contrary, the index was let down by Commercial Banks with 148.61, Cement with 31.51, Technology & Communication with 28.12, Power Generation & Distribution with 20.75, and Automobile Parts & Accessories with 10.8 points.

Companies adding points to the index were EFERT with 113.71, MCB with 44.76, FATIMA with 18.05, DAWH with 15.94, and BAFL with 14.48 points.

Meanwhile, companies that dragged the index lower were MEBL with 146.64, LUCK with 33.65, HUBC with 33.39, BAHL with 28.87 and HBL with 19.41 points.

In the broader market, the All-Share index closed at 46,207.85 with a net loss of 25.14 points.

Total market volume was 440.314 million shares compared to 442.097 from the previous session while traded value was recorded at Rs24.36 billion showing an increase of Rs8.32bn.

There were 210,870 trades reported in 357 companies with 165 closing up, 173 closing down and 19 remaining unchanged.

To note, the KSE-100 has gained 28,837 points or 69.57% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 7,839 points, equivalent to 12.55%.

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