PSX Closing Bell: The Only Way is Up

October 24, 2024 (MLN): The Pakistan Stock Market was unstoppable today, with bulls taking charge amid boosted sentiment due to improving macroeconomic indicators and expectations of further reduction in the policy rate.

The benchmark KSE-100 Index settled at 88,945, up by 1,751.45pts or 2.01%.

It remained positive throughout the day showing an intraday high of 89,126.15 (+1,931.62) and a low of 87,382.04 (+187.51) points.

The total volume of the KSE-100 Index was 458.05 million shares.

Key reports on Monday showed the economy continues to move toward stability.

The country's current account posted a second straight monthly surplus amid a surge in home remittances. In the first three months of current fiscal year, the deficit narrowed by 92% to $98m from $1.24 billion in 3MFY24.

Moreover, the cash-strapped nation attracted $385m foreign direct investment (FDI) in September, up a significant 81% compared to the same period last year (SPLY).

Of the 100 index companies 60 closed up, 36 closed down, while 4 were unchanged.

Top gainers during the day were PAKT (+10.00%), AICL (+9.99%), TRG (+9.80%), FCEPL (+7.17%), and FFC (+6.70%).

On the other hand, top losers were KOSM (-4.01%), RMPL (-3.72%), ILP (-2.74%), NESTLE (-2.31%), and MUGHAL (-2.04%).

In terms of index-point contributions, companies that propped up the index were FFC (+386.89pts), UBL (+247.38pts), OGDC (+128.54pts), EFERT (+90.86pts), and MCB (+82.10pts).

Meanwhile, companies that dragged the index lower were SYS (-39.29pts), ILP (-17.71pts), MARI (-14.71pts), NBP (-13.79pts), and NESTLE (-11.47pts).

Sector-wise, KSE-100 Index was supported by Fertilizer (+587.90pts), Commercial Banks (+451.90pts), Cement (+206.40pts), Oil & Gas Exploration Companies (+188.66pts), and Oil & Gas Marketing Companies (+74.58pts).

While the index was let down by Textile Composite (-15.81pts), Engineering (-13.32pts), Inv. Banks / Inv. Cos. / Securities Cos. (-9.12pts), Paper, Board & Packaging (-4.47pts), and Sugar & Allied Industries (-2.79pts).

In the broader market, the All-Share Index closed at 56,965.70 with a net gain of 886.02 points or 1.58%.

Total market volume was 757.65 million shares compared to 699.29m from the previous session while traded value was recorded at Rs36.05 billion showing an increase of Rs9.22bn.

There were 340,461 trades reported in 453 companies with 237 closing up, 167 closing down, and 49 remaining unchanged.

To note, the KSE-100 has gained 10,501 points or 13.39% during the fiscal year, whereas it has increased 26,495 points or 42.43% so far this calendar year.

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