PSX Closing Bell: Teasingly Close

November 25, 2024 (MLN): The benchmark KSE-100 Index surged by as much as 1.55% in early trade on Monday, but selling pressure soon emerged, erasing much of the gains and preventing it from breaking the psychological 100,000 mark.

Accordingly, the Index concluded Monday's trading session at 98,079.78, showing an increase of 281.55 points or 0.29%.

The index traded in a range of 2,179.84 points showing an intraday high of 99,317.47 (+1,519.24) and a low of 97,137.63 (-660.60) points.

The total volume of the KSE-100 Index was 281.10 million shares.

Of the 100 index companies 54 closed up, 43 closed down, while 3 were unchanged.

Top gainers during the day were JVDC (+9.99%), LOTCHEM (+6.90%), BAHL (+6.75%), PSEL (+5.15%), and CNERGY (+4.90%).

On the other hand, top losers were NCPL (-3.15%), FFC (-2.92%), EFERT (-2.80%), LUCK (-2.74%), and ABOT (-2.41%).

In terms of index-point contributions, companies that propped up the index were BAHL (+198.72pts), UBL (+163.52pts), MEBL (+86.25pts), SYS (+58.11pts), and MCB (+48.24pts).

Once again, the banking sector led the gains driven by rumors that the Pakistan Banks Association had tabled a proposal for the removal of the Minimum Deposit Rate (MDR) on savings and deposits

Meanwhile, companies that dragged the index lower were FFC (-214.75pts), EFERT (-111.78pts), LUCK (-80.50pts), MARI (-51.01pts), and ENGRO (-44.15pts).

Sector-wise, KSE-100 Index was supported by Commercial Banks (+616.56pts), Technology & Communication (+66.45pts), Oil & Gas Marketing Companies (+44.72pts), Miscellaneous (+34.67pts), and Refinery (+21.49pts).

While the index was let down by Fertilizer (-375.69pts), Oil & Gas Exploration Companies (-122.97pts), Cement (-68.38pts), Automobile Assembler (-27.22pts), and Automobile Parts & Accessories (-10.72pts).

In the broader market, the All-Share Index closed at 62,171.82 with a net gain of 75.46 points or 0.12%.

Total market volume was 640.26 million shares compared to 1,249.09m from the previous session while traded value was recorded at Rs25.62 billion showing a decrease of Rs19.85bn.

There were 296,849 trades reported in 460 companies with 220 closing up, 185 closing down, and 55 remaining unchanged.

To note, the KSE-100 has gained 19,635 points or 25.03% during the fiscal year, whereas it has increased 35,629 points or 57.05% so far this calendar year.

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.

The positivity stems from the strong investor confidence, supported by positive macroeconomic indicators and falling bond yields, which drove the market’s bullish momentum.

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