PSX Closing Bell: Voltage Drop

October 14, 2024 (MLN): Pakistan stocks kicked off the week on a dull note as power sector stocks continued to weigh down sentiment following the government’s decision to terminate power purchase contracts with several Independent Power Producers (IPPs).

Meantime, third-quarter earnings season kicked off today. The index heavyweight Engro Fertilizers (PSX: EFERT) announced a payout of Rs2.5 per share that fell short of analysts' expectations. Its shares sank 3.58% to Rs191.06.

The benchmark KSE-100 Index concluded Monday's trading session at 85,261.38, showing a decrease of 222.02 points or 0.26%.

The index traded in a range of 948.91 points showing an intraday high of 86,105.02 (+621.62) and a low of 85,156.11 (-327.29) points.

The total volume of the KSE-100 Index was 263.52 million shares.

Of the 100 index companies 54 closed up, 44 closed down, 1 was unchanged, while 1 remained untraded.

Top losers during the day were NCPL (-10.01%), NPL (-8.65%), HUBC (-8.04%), MEHT (-6.90%), and BNWM (-4.57%).

On the other hand, top gainers were ATRL (+10.00%), ISL (+9.36%), NRL (+8.82%), ATLH (+8.30%), and PIBTL (+7.74%).

In terms of index-point contributions, companies that dragged the index lower were HUBC (-268.10pts), EFERT (-136.87pts), OGDC (-60.85pts), BAHL (-35.44pts), and ENGRO (-30.99pts).

Meanwhile, companies that added points to the index were FFC (+209.66pts), NBP (+43.46pts), ATRL (+42.81pts), ISL (+29.70pts), and ATLH (+24.85pts).

Sector-wise, KSE-100 Index was let down by Power Generation & Distribution (-293.69pts), Oil & Gas Exploration Companies (-96.99pts), Food & Personal Care Products (-25.94pts), Textile Composite (-22.33pts), and Cement (-19.79pts).

While the index was supported by Refinery (+60.94pts), Fertilizer (+58.69pts), Engineering (+52.11pts), Commercial Banks (+34.93pts), and Real Estate Investment Trust (+18.90pts).

In the broader market, the All-Share Index closed at 54,575.33 with a net loss of 38.12 points or 0.07%.

Total market volume was 477.64 million shares compared to 560.74m from the previous session while traded value was recorded at Rs23.47 billion showing a decrease of Rs2.65bn.

There were 256,386 trades reported in 443 companies with 205 closing up, 180 closing down, and 58 remaining unchanged.

To note, the KSE-100 has gained 6,816 points or 8.69% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 22,810 points, equivalent to 36.53%.

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