October 26, 2023 (MLN): The local equities market remained subdued today as investors awaited key developments that will unfold next week.

A further correction was observed, with the benchmark KSE-100 index settling the day at 50,943.84, marking a decline of 241.45 points or 0.47% DoD.

Market participants are closely monitoring the upcoming central bank’s decision on the policy rate and October’s inflation data, which are due next week.

Moreover, investors are keeping a close eye on the upcoming review of the International Monetary Fund (IMF)’s standby arrangement (SBA) starting next week, which if remains successful, will pave the way for a $700 million installment.

The index traded in a range of 435.01 points showing an intraday high of 51,269.74 (+84.45) and a low of 50,834.72 (-350.56) points.

The total volume of the KSE-100 Index was 178.785 million shares.

Large trading activity was seen around the intraday lows, indicating a strong tendency among investors to capitalize on market downturns.

While on a weekly basis, the index gained 211.97 points or 0.52% WoW.

It is worth noting that the index has closed above the key 50,000 level for two consecutive weeks, indicating that bulls continue to remain in full control.

Of the 100 index companies 28 closed up, 59 closed down, while 13 remained untraded.

KSE-100 Index was let down by Technology & Communication with 168.66, Oil & Gas Exploration Companies with 50.92, Oil & Gas Marketing Companies with 34.18, Pharmaceuticals with 22.84, and Food & Personal Care Products with 17.39 points.

Companies dragging the index lower were SYS with 94.39, TRG with 59.9, PPL with 31.28, OGDC with 19.63 and PSO with 15.75 points.

KSE-100 index was supported by Commercial Banks with 142.79, Synthetic & Rayon with 5.13, Miscellaneous with 4.5, Textile Composite with 2.21, and Fertilizer with 1.38 points.

Companies adding points to the index were BAHL with 101.72, UBL with 23.08, MEBL with 20.97, HMB with 17.58, and LUCK with 9 points.

In the broader market, the All-Share index closed at 33,906.14 with a net loss of 133.70 points.

Total market volume was 350.835 million shares compared to 364.039 from the previous session while traded value was recorded at Rs10.61 billion showing a decrease of Rs0.32bn.

There were 147,791 trades reported in 352 companies with 110 closing up, 225 closing down and 17 remaining unchanged.

To note, the KSE-100 has gained 9,491 points or 22.9% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 10,523 points, equivalent to 26.03% in the KSE-100.

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Posted on: 2023-10-27T17:21:28+05:00