PSX Closing Bell: So Close, Yet So Far

November 22, 2024 (MLN): Pakistan's benchmark stock index flirted with the historic 100,000 mark as investors continued to pile into stocks amid positive macroeconomic indicators and falling bond yields.

The benchmark KSE-100 Index advanced 469.84 points or 0.48% to close at 97,798.23 on Friday after earlier hitting a record 99,623.

The index remained positive throughout the day showing an intraday high of 99,623.03 (+2,294.64) and a low of 97,471.11 (+142.72) points.

The total volume of the KSE-100 Index was 515.07 million shares.

According to analysts, KSE-100 is expected to rally above 120,000 by the end of next year on the back of improving macro indicators and falling bond yields which is flushing more liquidity in equities.

Mutual funds have piled over $132 million into Pakistani stocks since January as bond yields fall. The State Bank of Pakistan has cut interest rates by a cumulative 700bps to 15% from 22% in May 2024.

Of the 100 index companies 33 closed up, 65 closed down, while 2 were unchanged.

Top gainers during the day were JVDC (+10.01%), BAHL (+9.62%), MEBL (+9.53%), BAFL (+9.26%), and HMB (+7.70%).

On the other hand, top losers were HCAR (-9.97%), KOSM (-8.09%), PGLC (-6.73%), LOTCHEM (-6.21%), and POML (-5.76%).

Honda Atlas Cars (Pakistan) Ltd. (PSX: HCAR) revealed its financial results, wherein the profit after tax fell 62% from last year to Rs257.74 million [EPS: Rs1.8].

In terms of index-point contributions, companies that propped up the index were MEBL (+327.45pts), BAHL (+258.54pts), MCB (+222.29pts), HBL (+187.34pts), and BAFL (+143.13pts).

Meanwhile, companies that dragged the index lower were OGDC (-104.46pts), EFERT (-89.07pts), FFC (-79.11pts), SYS (-69.04pts), and PPL (-53.77pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+1,406.00pts), Property (+18.15pts), Miscellaneous (+8.30pts), Insurance (+5.34pts), and Sugar & Allied Industries (+0.78pts).

While the index was let down by Fertilizer (-184.72pts), Technology & Communication (-134.68pts), Cement (-116.17pts), Pharmaceuticals (-110.58pts), and Oil & Gas Exploration Companies (-99.30pts).

In the broader market, the All-Share Index closed at 62,096.36 with a net loss of 36.27 points or 0.06%.

Total market volume was 1,249.09 million shares compared to 969.91m from the previous session while traded value was recorded at Rs45.48 billion showing an increase of Rs10.31bn.

There were 428,109 trades reported in 449 companies with 112 closing up, 296 closing down, and 41 remaining unchanged.

To note, the KSE-100 has gained 19,353 points or 24.67% during the fiscal year, whereas it has increased 35,347 points or 56.60% so far this calendar year.

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