November 25, 2024 (MLN): The benchmark KSE-100 Index surged by as much as 1.55% in early trade on Monday, but selling pressure soon emerged, erasing much of the gains and preventing it from breaking the psychological 100,000 mark.
A similar trend was observed on Friday when the index rose to 99,386, but profit-taking led it to close at 97,798.23.
Once again, banks led the gains, contributing 572.62 points to the index.
Four of the top five contributors were banks, driven by rumors that the Pakistan Banks Association had tabled a proposal for the removal of the Minimum Deposit Rate (MDR) on savings and deposits.
BAHL (+143.33pts), MEBL (+140.11pts), UBL (+120.22pts), HBL (+65.28pts), and SYS (+49.12pts).
Meanwhile, companies that dragged the index lower were FFC (-174.35pts), EFERT (-60.50pts), OGDC (-50.36pts), MARI (-49.41pts), and PPL (-48.75pts).
Top gainers during the day were JVDC (+9.99%), HGFA (+4.45%), BAHL (+4.35%), PKGP (+4.23%), and CNERGY (+3.79%).
On the other hand, top losers were POML (-5.76%), KAPCO (-2.91%), GHGL (-2.65%), TRG (-2.61%), and ABOT (-2.26%).
In the broader market, the All-Share Index is trading at 62,125.59 with a net gain of 29.23 points or 0.05%.
To note, the KSE-100 has gained 19,509 points or 24.87% during the fiscal year, whereas it has increased 35,503 points or 56.85% so far this calendar year.
According to analysts, KSE-100 is expected to rally above 120,000 by the end of next year on the back of improving macro indicators and falling bond yields which is flushing more liquidity in equities.
The positivity stems from the strong investor confidence, supported by positive macroeconomic indicators and falling bond yields, which drove the market’s bullish momentum.
| Symbol | Price | Change % | Volume |
|---|---|---|---|
| HASCOL | 12.23 | 8.91% | 60,722,291 |
| CNERGY | 4.66 | 3.79% | 34,853,735 |
| WTL | 1.36 | -2.16% | 19,496,319 |
| KEL | 5.22 | -1.69% | 18,765,560 |
| FFL | 11.77 | 0.26% | 14,428,405 |
| BOP | 6.77 | 0.30% | 12,800,935 |
| WAVESAPP | 11.7 | 6.85% | 11,043,495 |
| TBL | 16.83 | 2.19% | 7,978,538 |
| SSGC | 21.82 | -1.31% | 7,039,110 |
| HBL | 147.75 | 2.11% | 6,001,440 |
Copyright Mettis Link News
Posted on: 2024-11-25T11:37:59+05:00
