PSX Closing Bell: The Stars Align

June 20, 2024 (MLN): Pakistan stocks extended its record-breaking rally on Thursday amid strengthened prospects for an International Monetary Fund deal.

The benchmark KSE-100 index closed at a record 78,801.53 showing an increase of 2,094.76 points or 2.73%.

The index remained positive throughout the day, showing an intraday high of 78,890.37 (+2,183.6) and a low of 76,896.82 (+190.04) points.

The total volume of the KSE-100 index was 211.69 million shares.

The global ratings agency Fitch on Tuesday said that the federal budget 2024-25 strengthens prospects for an IMF deal.

Moreover, Moody's Ratings' on Friday said that the budget will likely support Pakistan’s ongoing negotiations with the IMF for a new Extended Fund Facility (EFF) program.

Of the 100 index companies 71 closed up, 26 closed down, while 3 were unchanged.

KSE-100 index was supported by Commercial Banks (1487.37pts), Fertilizer (216.45pts), Oil & Gas Exploration Companies (95.07pts), Cement (93.23pts), and Textile Composite (65.18pts).

On the flip-side, the index was let down by Oil & Gas Marketing Companies (17.67pts), Insurance (11.2pts), Technology & Communication (8.07pts), Miscellaneous (6.68pts), and Automobile Assembler (4.17pts).

Companies adding points to the index were UBL (317.62pts), MCB (251.61pts), BAHL (211.46pts), MEBL (186.28pts), and HBL (178.34pts).

Meanwhile, companies that dragged the index lower were SYS (15.07pts), PPL (11.48pts), PSO (10.09pts), EFUG (7.22pts), and MARI (6.66pts).

In the broader market, the All-Share index closed at 49,875.71 with a net gain of 1,164.73 points.

Total market volume was 452.64 million shares compared to 395.90m from the previous session while traded value was recorded at Rs20.68 billion showing a decrease of Rs697.96m.

There were 212,646 trades reported in 447 companies with 256 closing up, 133 closing down and 58 remaining unchanged.

To note, the KSE-100 has gained 37,349 points or 90.1% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,350 points, equivalent to 26.18%.

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