October 17, 2023 (MLN): The Pakistan Stock Exchange (PSX) witnessed a correction today, as the benchmark KSE-100 index snapped its 11-day bullish rally and closed lower by 0.4% at 49,531.01.
The index opened on a positive note and briefly crossed the 50,000 mark for the first time since June 2017, but failed to sustain the momentum as profit-taking ensued near the key psychological level.
The market traded in a range of 509.03 points, showing an intraday high of 50,017.45 (+286.10) and a low of 49,508.42 (-222.93) points.
Following a period of intense market activity, the PSX has now seen a slight cooldown, with trading volumes dropping to approximately 221.286 million shares, a decrease from the 296.341 million shares traded yesterday.
To note, the KSE-100 is just 7.26% away from its all-time high of 53,127 set in May 2017.
Of the 100 index companies 40 closed up, 55 closed down, while 5 remained untraded.
KSE-100 Index was let down by Commercial Banks with 69.96, Oil & Gas Exploration Companies with 56.6, Technology & Communication with 53.79, Power Generation & Distribution with 31.96, and Oil & Gas Marketing Companies with 21.04 points.
Companies dragging the index lower were HUBC with 35.74, TRG with 27.49, UBL with 26.27, PPL with 22 and MCB with 20.92 points.
KSE-100 index was supported by Cement with 52.58, Automobile Parts & Accessories with 12.52, Paper & Board with 8.58, Food & Personal Care Products with 7.88, and Chemical with 5.34 points.
Companies adding points to the index were LUCK with 15.13, PIOC with 14.01, THALL with 12.52, CHCC with 12.47, and MLCF with 12.25 points.
In the broader market, the All-Share index closed at 33,108.42 with a net loss of 110.60 points.
Total market volume was 368.341 million shares compared to 467.384 from the previous session while traded value was recorded at Rs10.4 billion showing a decrease of Rs3.72bn.
There were 157,140 trades reported in 342 companies with 148 closing up, 182 closing down and 12 remaining unchanged.
| Company | Volume |
|---|---|
| KEL | 65,958,036 |
| PIBTL | 21,502,500 |
| MLCF | 20,668,090 |
| GGL | 14,959,821 |
| AIRLINK | 8,969,456 |
| WTL | 8,368,212 |
| FCCL | 8,278,000 |
| DGKC | 7,561,186 |
| UNITY | 7,473,741 |
| HASCOL | 6,845,000 |
To note, the KSE-100 has gained 8,078 points or 19.49% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 9,111 points, equivalent to 22.54% in the KSE-100.
Copyright Mettis Link News
Posted on: 2023-10-17T16:22:43+05:00
