November 27, 2023 (MLN): The benchmark for the Pakistan Stock Exchange (PSX) started the week strong, surging by 725 points or 1.23% to close today's session at 59,811.34.
The index is now nearing the psychological barrier of 60,000.
Throughout today's session, the index traded in a range of 896.77 points showing an intraday high of 59,896.08 (+809.73) and a low of 58,999.31 (-87.04) points.
The total volume of the KSE-100 Index was 276.858 million shares.
This comes after the KSE-100 index recorded a gain of 2,023 points or 3.55% last week and marked its 8th consecutive weekly gain.
The local stock market has been enjoying a bullish rally ever since the country reached a $3bn Stand-by Arrangement (SBA) with the International Monetary Fund (IMF) that saved the cash-strapped nation from a sovereign debt default.
The rally has been further fueled by the successful first review with the IMF, with preliminary approval granted by the Fund for the release of the next loan tranche.
Furthermore, finance minister Dr. Shamshad Akhtar has stated that this is expected to serve as a catalyst for subsequent contributions from other bilateral donors of around $1.5bn.
In today's session, of the 100 index companies 65 closed up, 26 closed down, 3 were unchanged, while 6 remained untraded.
KSE-100 index was supported by Commercial Banks with 378.58, Cement with 109.55, Miscellaneous with 53.16, Textile Composite with 40.42, and Fertilizer with 34.11 points.
Companies adding points to the index were HBL with 135.43, UBL with 102.03, MCB with 83.03, PSEL with 38.45, and LUCK with 35.27 points.
KSE-100 Index was let down by Technology & Communication with 36.16, Chemical with 7.53, Oil & Gas Marketing Companies with 5.36, Glass & Ceramics with 3.82, and Inv. Banks / Inv. Cos. / Securities Cos. with 3.62 points.
Companies dragging the index lower were MARI with 36.87, MEBL with 34.36, SYS with 33.44, PSO with 11.47 and NESTLE with 8.08 points.
In the broader market, the All-Share index closed at 39,947.09 with a net gain of 387.88 points.
Total market volume was 657.581 million shares compared to 658.425 from the previous session while traded value was recorded at Rs20.27 billion showing a decrease of Rs1.74bn.
There were 220,793 trades reported in 387 companies with 243 closing up, 119 closing down and 25 remaining unchanged.
KOSM stood as the volume leader and skyrocketed 32.45% today, as it unveiled that the board has agreed to pursue the strategic partnership with a UAE firm to establish raw and value-added mineral based business in Pakistan.
| Company | Volume |
|---|---|
| KOSM | 109,392,000 |
| WTL | 43,313,979 |
| YOUW | 22,758,500 |
| MLCF | 17,865,589 |
| DGKC | 15,655,201 |
| AGL | 15,233,500 |
| PAEL | 14,205,993 |
| PIAA | 13,108,000 |
| BOP | 13,103,901 |
| HBL | 10,967,560 |
To note, the KSE-100 has gained 18,359 points or 44.29% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 19,391 points, equivalent to 47.97% in the KSE-100.
Copyright Mettis Link News
Posted on: 2023-11-27T16:21:10+05:00
