PSX Closing Bell: Sky is the Limit

October 13, 2023 (MLN): The benchmark KSE-100 index ended the 10th consecutive session in the green, surging to a new yearly high, closing at 49,493.47 with a daily increase of 721.76 points or 1.48%.

This was the highest weekly and daily close since June of 2017.

The total volume of the KSE-100 Index surged to 369.813 million shares, the highest traded volume since June 16, 2021.

In today's session, the index traded in a range of 752.78 points showing an intraday high of 49,520.38 (+748.66) and a low of 48,767.59 (-4.12) points.

Of the 100 index companies 73 closed up, 20 closed down, 2 were unchanged, while 5 remained untraded.

KSE-100 index was supported by Commercial Banks with 229.21, Oil & Gas Exploration Companies with 138.81, Cement with 70.75, Automobile Assembler with 56.36, and Oil & Gas Marketing Companies with 41.11 points.

Companies adding points to the index were PPL with 74.62, MEBL with 48.69, MTL with 47.72, HBL with 35.44, and UBL with 32.83 points.

This notable surge in buying activity throughout the week was attributed to the improving rupee's value against the US dollar and upcoming corporate earnings wherein the market expects decent profits.

Meanwhile, yesterday's announcement by PSMC has also played a due role in boosting the buyers' sentiments today.

On the other hand, the KSE-100 Index was let down by Technology & Communication with 25.83, Refinery with 9.65, Tobacco with 4.17, Vanaspati & Allied Industries with 0.36, and Miscellaneous with 0.15 points.

The negative reports making rounds in the media about TRG, which TRG termed as ‘malicious media campaign’ and ‘misleading and false’, continued to drag its stock lower and stripped off most points from the KSE-100.

Accordingly, TRG took away 50.74 points from the index, followed by EFERT with 6.8, NRL with 5.59, FFC with 4.87 and KAPCO with 4.63 points.

In the broader market, the All-Share index closed at 33,049.41 with a net gain of 506.48 points.

Total market volume was 556.390 million shares compared to 342.287 from the previous session while traded value was recorded at Rs15.45 billion showing an increase of Rs3.72bn.

There were 179,580 trades reported in 360 companies with 240 closing up, 99 closing down and 21 remaining unchanged.

To note, the KSE-100 has gained 8,041 points or 19.4% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 9,073 points, equivalent to 22.45% in the KSE-100.

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