KSE-100 index maintains winning streak, gains 635.91 points

November 10, 2022 (MLN): In the backdrop of a decrease in international commodity prices and recent approval from the Asian Infrastructure and Investment Bank (AIIB) for co-financing of $500 million for Pakistan, the Stock Exchange on Thursday remained positive throughout the day and strong buying activity was observed across the bourse.

As a result, the KSE-100 index gained 635.91 points (1.50% DoD) to close the session at 42,901.27, while making an intraday high of 42,959.28 and an intraday low of 42,265.36 during the day.

While speaking to MG Link News, Topline Securities Chief Executive Officer Mohammed Sohail said that the reason behind the bullish trend is falling commodity prices and expectations of local political solutions which helped equities today.

Head of Research Analyst at Ismail Iqbal Securities, Fahad Rauf said, “Historically, November and December month have been good for the market and I expect it to be the same this year”.

However, much would depend upon the political clarity and if things go smoothly in terms of political noise, the market performance would remain limited, he added.

By the session’s end, the total volumes of the KSE-100 index stood at 142mn shares, increased by 40.51% DoD from 84.52mn shares traded on Tuesday.

In terms of sectors, most of the positive contributions came from commercial banks, technology, oil & gas exploration, power gencos, and cement which cumulatively added 539.05 points to the index tally by the day’s end.

Out of 95 companies’ shares traded today 78 companies recorded gains and 14 companies sustained losses and three company share remains unchanged.

Meanwhile, the volume leaders on the benchmark index were BAFL (21.32mn), OGDC (12.08mn), CNERGY (9.92mn), TRG (7.06mn), and PIBT (7.06mn).

The scrips which gained the most during the session included: ABOT (3.43%), MTL (1.35%), TRG (7.49%), MUREB (2.19%), and MEBL (5.34%). On the other hand, the stocks that emerged as net losers during the day included RMPL (5.45%), PSEL (7.33%), MARI (0.16%), SHFA (1.28%), and KTML (2.46%).

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