Six giant companies are driving the KSE-100 rally

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Abdur Rahman | October 24, 2024 at 05:42 PM GMT+05:00

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October 24, 2024 (MLN): The six megacap Pakistan stocks have accounted for half of the total KSE-100 Index rally this year.

Pakistan equity benchmark KSE-100 Index is up a significant 26,495 points or 42.4% so far in 2024, buoyed by improving macroeconomic indicators thanks in no small part to the International Monetary Fund's support.

Fauji Fertilizer, United Bank, Engro Fertilizers, Mari Petroleum, Oil & Gas Development Company, and Meezan Bank have gained 13,179 points—49.7% of the total KSE-100 return, according to data compiled by MG Research.

The best-performing stocks so far this year have been FFC (+4,001pts), UBL (+2,565pts), EFERT (+2,066pts), MARI (+1,654pts), and OGDC (+1,455pts).

Whereas, the worst-performing are TRG (-353pts), COLG (-230pts), PSEL (-166pts), EPCL (-103pts), and NESTLE (-103pts).

Sector-wise, top positive contributors are Commercial Banks (+9,435pts), Fertilizer (+7,138pts), Oil & Gas Exploration Companies (+4,570pts), Cement (+1,700pts), and Pharmaceuticals (+1,025pts).

Contrary to that, negative contributions have come from Food & Personal Care Products (-221pts), Miscellaneous (-99pts), Textile Composite (-79pts), Technology & Communication (-57pts), and Paper, Board & Packaging (-53pts).

FIPI/LIPI

Foreign investors have dumped $11 million of stocks in 2024 due to FTSE rebalancing, which demoted Pakistan from Secondary Emerging to Frontier Market in July.

Flow-wise, Mutual funds have been the dominant buyers, with a significant investment of $79.4m.

They have allocated the majority of their capital to Fertilizer ($26.2m), followed by Cement ($19.2m).

On the other hand, the leading sellers are Banks / Dfi with $63.7m. Their most substantial sales activity is in Fertilizer ($35.2m), followed by Commercial Banks ($33m).

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256.32M
-0.05%
-68.14
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-0.48%
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77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
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6.73M
-0.94%
-260.91
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Name Last High/Low Chg/%Chg
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-1.36%
BRENT CRUDE 69.23 70.77
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RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
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ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
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USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
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CRUDE OIL - WTI 66.03 67.54
65.93
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SUGAR #11 WORLD 16.79 17.02
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