PSX Closing Bell: Still Waters

August 28, 2024 (MLN): The benchmark KSE-100 Index concluded Wednesday's trading session relatively flat at 77,992.78, showing a marginal decrease of 91.45 points or 0.12%.

The index traded in a range of 344.26 points showing an intraday high of 78,334.60 (+250.37) and a low of 77,990.34 (-93.89) points.

The total volume of the KSE-100 Index was 150.90 million shares.

Pakistan has seen a significant development as Moody's Investors Service has upgraded its long-term issuer rating from 'Caa3' to 'Caa2' with a stable outlook, following Fitch's recent upgrade.

Moody's said that this upgrade reflects Pakistan's improved macroeconomic conditions and moderately better government external positions from very weak levels.

Of the 100 index companies 29 closed up, 65 closed down, 5 were unchanged, while 1 remained untraded.

Top losers during the day were PKGS (-4.79%), YOUW (-4.44%), HABSM (-3.80%), HINOON (-3.56%), and PTC (-3.43%).

On the other hand, top gainers were BNWM (+5.18%), FFBL (+2.73%), MARI (+2.67%), NBP (+2.34%), and EFUG (+2.29%).

In terms of index-point contributions, companies that dragged the index lower were BAHL (-23.91pts), HINOON (-20.88pts), PKGS (-20.65pts), MCB (-19.25pts), and HUBC (-18.69pts).

Meanwhile, companies that added points to the index were MARI (+75.30pts), ENGRO (+46.21pts), FFC (+40.77pts), NBP (+19.73pts), and FFBL (+17.22pts).

Sector-wise, KSE-100 Index was let down by Commercial Banks (-34.76pts), Pharmaceuticals (-31.45pts), Power Generation & Distribution (-25.32pts), Automobile Assembler (-22.44pts), and Cement (-22.36pts).

While the index was supported by Fertilizer (+89.86pts), Oil & Gas Exploration Companies (+69.15pts), Automobile Parts & Accessories (+5.40pts), Woollen (+0.24pts), and Real Estate Investment Trust (+0.18pts).

In the broader market, the All-Share Index closed at 50,234.76 with a net loss of 91.76 points or 0.18%.

Total market volume was 636.02 million shares compared to 591.51m from the previous session while traded value was recorded at Rs16.27 billion showing a decrease of Rs0.85bn.

There were 265,345 trades reported in 450 companies with 138 closing up, 260 closing down, and 52 remaining unchanged.

To note, the KSE-100 has lost 452 points or 0.58% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 15,542 points, equivalent to 24.89%.

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