PSX extends rally on Mari Petroleum earnings

August 09, 2024 (MLN): Blockbuster earnings from index heavyweight Mari Petroleum helped extend a rally in Pakistan stocks. The benchmark KSE-100 Index gained another 604 points or 0.78% to 78,478 as of 11:00am.

Yesterday, the index had gained 1%. The better-than-expected result from one of Pakistan’s largest E&P companies also lifted its peers.

"OGDC followed suit in the rally due to its substantial stake in MARI," noted brokerage house Ismail Iqbal Securities in its market closing report.

Mari’s stock is up another 10% after yesterday’s jump and is on its way to scoring its best two-day rally since at least 2001.

Mari posted EPS of Rs579.36, up 38% YoY, and announced a dividend of Rs232 per share for the whole year ending June 2024.

The company also announced to issue eight bonus shares for every one held.

"The results were above expectations and pushed price to new all-time highs," noted brokerage house Arif Habib Limited (AHL).

During today's intraday session, top gainers were BNWM (+10.01%), MARI (+10.00%), KTML (+7.44%), POML (+6.88%), and PSEL (+5.04%).

On the other hand, top losers were KAPCO (-5.11%), FHAM (-2.14%), KEL (-2.09%), JVDC (-1.79%), and PKGP (-1.48%).

In terms of index-point contributions, companies that propped up the index were MARI (+245.57pts), UBL (+80.88pts), HUBC (+50.43pts), POL (+36.89pts), and ENGRO (+28.08pts).

Sector-wise, KSE-100 Index was supported by Oil & Gas Exploration Companies (+219.87pts), Commercial Banks (+131.33pts), Fertilizer (+54.44pts), Technology & Communication (+39.00pts), and Miscellaneous (+27.32pts).

In the broader market, the All-Share Index was at 50,422.25 with a net gain of 452.27 points or 0.91%.

To note, the KSE-100 has gained 33 points or 0.04% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,027 points, equivalent to 25.66%.

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