PSX Closing Bell: Strike Black Gold

August 09, 2024 (MLN): Blockbuster earnings from index heavyweight Mari Petroleum helped extend a rally in Pakistan stocks. The benchmark KSE-100 Index gained another 695.36 points or 0.89% to close the session at 78,569.58.

The index remained positive throughout the day showing an intraday high of 78,823.13 (+948.91) and a low of 78,051.08 (+176.86) points.

The total volume of the KSE-100 Index was 139.15 million shares.

Of the 100 index companies 63 closed up, 32 closed down, while 5 were unchanged.

Yesterday, the index had gained 1%. Mari posted an EPS of Rs579.36, up 38% YoY, and announced a dividend of Rs232 per share for the whole year ending June 2024.

The company also announced to issue eight bonus shares for every one held.

"The results were above expectations and pushed price to new all-time highs," noted brokerage house Arif Habib Limited (AHL).

Mari’s scored its best two-day rally since at least 2001.

Top gainers during the day were YOUW (+17.30%), BNWM (+10.01%), MARI (+10.00%), POML (+8.78%), and UNITY (+6.79%).

On the other hand, top losers were KAPCO (-3.81%), KEL (-3.48%), FHAM (-2.95%), FFBL (-2.30%), and OGDC (-1.97%).

In terms of index-point contributions, companies that propped up the index were MARI (+243.02pts), UBL (+127.77pts), MEBL (+50.22pts), MCB (+45.46pts), and SYS (+41.82pts).

Meanwhile, companies that dragged the index lower were OGDC (-56.11pts), FFC (-51.28pts), EFERT (-25.85pts), KAPCO (-17.88pts), and FFBL (-15.12pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+360.83pts), Oil & Gas Exploration Companies (+194.48pts), Technology & Communication (+80.65pts), Oil & Gas Marketing Companies (+45.39pts), and Cement (+40.62pts).

While the index was let down by Fertilizer (-70.88pts), Refinery (-12.54pts), Power Generation & Distribution (-9.03pts), Engineering (-6.13pts), and Inv. Banks / Inv. Cos. / Securities Cos. (-3.64pts).

In the broader market, the All-Share Index closed at 50,430.73 with a net gain of 460.75 points or 0.92%.

Total market volume was 420.41 million shares compared to 493.09m from the previous session while traded value was recorded at Rs20.72 billion showing a decrease of Rs5.13bn.

There were 235,552 trades reported in 445 companies with 225 closing up, 156 closing down, and 64 remaining unchanged.

To note, the KSE-100 has gained 125 points or 0.16% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,119 points, equivalent to 25.81%.

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