PSX Closing Bell: The Rise That Won’t Quit

December 02, 2024 (MLN): Pakistan's stock market continued its bull run on Monday, with the benchmark KSE-100 Index surging by 1,917.62 points or 1.89%, to reach 103,274.94, a fresh record close.

Last week, the benchmark index posted its sixth consecutive weekly gain, matching the longest winning streak recorded in April.

Today's positive momentum is attributed to the country's inflation slowing to its lowest annual rate since April 2018, to be precise.

As a result, the central bank is likely to implement more substantial policy rate cuts to stimulate economic growth—another reason for the bulls to cheer.

The index remained positive throughout the day showing an intraday high of 103,386.46 (+2,029.14) and a low of 101,921.20 (+563.88) points.

The total volume of the KSE-100 Index was 695.79 million shares.

Of the 100 index companies 83 closed up, 14 closed down, while 3 were unchanged.

Top gainers during the day were CNERGY (+21.19%), SRVI (+10.00%), FCCL (+9.64%), MLCF (+9.20%), and PIBTL (+7.11%).

On the other hand, top losers were BOP (-2.07%), OGDC (-1.79%), PAKT (-1.64%), NPL (-1.50%), and BAHL (-1.43%).

In terms of index-point contributions, companies that propped up the index were ENGRO (+194.15pts), FFC (+173.26pts), MEBL (+155.24pts), FCCL (+94.82pts), and SRVI (+92.96pts).

Meanwhile, companies that dragged the index lower were OGDC (-73.35pts), BAHL (-49.93pts), PPL (-18.50pts), BOP (-8.55pts), and PAKT (-8.30pts).

Sector-wise, KSE-100 Index was supported by Fertilizer (+422.06pts), Cement (+383.92pts), Commercial Banks (+364.61pts), Technology & Communication (+101.63pts), and Leather & Tanneries (+92.96pts).

While the index was let down by Oil & Gas Exploration Companies (-60.10pts), Tobacco (-8.30pts), Miscellaneous (-7.41pts), Property (-0.96pts), and Vanaspati & Allied Industries (+0.00pts).

In the broader market, the All-Share Index closed at 65,022.01 with a net gain of 1,101.58 points or 1.72%.

Total market volume was 1,556.25 million shares compared to 1,164.79m from the previous session while traded value was recorded at Rs47.10 billion showing an increase of Rs7.32bn.

There were 454,060 trades reported in 461 companies with 338 closing up, 85 closing down, and 38 remaining unchanged.

To note, the KSE-100 has gained 24,830 points or 31.65% during the fiscal year, whereas it has increased 40,824 points or 65.37% so far this calendar year.

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