PSX Closing Bell: Winter's Charm

December 28, 2023 (MLN): Bulls continued their dominance at the local bourse for the second consecutive session, with the benchmark KSE-100 index extending its climb by another 1,188.61 points or 1.95% to close at 62,052.24.

This comes after the index recorded the third-largest single-day gain in absolute terms yesterday, paring most of its losses from earlier slump.

In the last two weeks, the index had corrected about 12% from its peak, creating a buying opportunity for value hunters.

The index remained positive throughout the day, showing an intraday high of 62,750.78 (+1,887.15) and a low of 61,092.27 (+228.65) points.

The total volume of the KSE-100 index was 378.62 million shares.

Of the 100 index companies 83 closed up, 15 closed down, while 2 remained untraded.

KSE-100 index was supported by Commercial Banks with 366.87, Oil & Gas Exploration Companies with 168.43, Cement with 156.75, Power Generation & Distribution with 115.82, and Fertilizer with 105.9 points.

On the contrary, the index was let down by Technology & Communication with 37.23, Insurance with 2.73, Automobile Assembler with 2.25, Property with 0.59, and Refinery with 0.54 points.

Companies adding points to the index were HUBC with 116.27, BAHL with 102.56, MARI with 99.36, LUCK with 63.31, and OGDC with 57.93 points.

Meanwhile, companies that dragged the index lower were SYS with 38.67, KEL with 10.89, EFUG with 7.28, CNERGY with 7 and NBP with 6.18 points.

In the broader market, the All-Share index closed at 41,568.01 with a net gain of 883.39 points.

Total market volume was 676.243 million shares compared to 669.357 from the previous session while traded value was recorded at Rs20.28 billion showing an increase of Rs4.16bn.

There were 232,377 trades reported in 377 companies with 282 closing up, 79 closing down and 16 remaining unchanged.

To note, the KSE-100 has gained 20,600 points or 49.69% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 21,632 points, equivalent to 53.52%.

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