PSX Closing Bell: Still Dramatic

December 26, 2022 (MLN): Bulls made a comeback at Pakistan Stock Exchange (PSX) as the market recovered by 485.96 points (1.23% DoD) to close at 40,155.16.

This recovery is primarily attributed to a strong buying activity due to attractive valuations being offered on various stocks.

In the first hour of trading market gained around 700 points, and marked an intraday high of 40,367.43 during the day.

Last week market endured a lot of pressure and lost 1,632.28 points down by 3.95% WoW.

Speaking to Mettis Global, Ahsan Mehanti Chief Executive Officer at Arif Habib Commodities said, “Stocks showing sharp recovery in the year-end rally at PSX on strong valuations and speculations over positive outcome of MoF constitution of committee to resolve Rs1.5trn circular gas debt crises."

On political side, PTI chief hints over Punjab chief minister to take vote of confidence before January 11easing political noise, played a catalyst role in bullish activity.

By the session’s end, the total volumes of the KSE-100 index stood at 85.39mn shares, increased by 10.84% DoD from 76.13mn shares traded last week on Friday.

In terms of sectors, most of the positive contributions came from oil & gas exploration, fertilizer, miscellaneous, cement, and oil & gas marketing which cumulatively added 372.895 points to the index tally by the day’s end.

Out of 100, 93 companies’ shares traded today from which 64 companies recorded gains and 27 companies sustained losses and one company share remained unchanged.

Meanwhile, the volume leaders on the benchmark index were PPL (11.06mn), OGDC (7.69mn), KEL (4.89mn), CNERGY (4.80mn), and MLCF (4.75mn).

The scrips which gained the most during the session included: NESTLE (7.50%), PSEL (6.60%), RMPL (0.87%), COLG (1.03%), and IBFL (5.99%). On the other hand, the stocks that emerged as net losers during the day included PAKT (5.86%), ABOT (1.44%), INDU (0.42%), SRVI (0.79%), and ARPL (0.54%).

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