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PSX Closing Bell: Off the Front Foot

PSX Closing Bell: Off the Front Foot

November 13, 2023 (MLN): Bulls continued to maintain their strong grip on the Pakistan stock market today, pushing the key stock gauge above the psychological 56,000 mark for the first time in history.

The index settled at an all-time high of 56,523.58 by the session’s end, with an impressive surge of 1,132.21 points or 2.04% DoD.

To note, the KSE-100 index had recorded a gain of 2,268.33 points or 4.27% in the previous week.

The index remained positive throughout the day, showing an intraday high of 56,583.59 (+1,192.22) and a low of 55,644.68 (+253.31) points.

The total volume of the KSE-100 Index was 300.341 million shares.

The positive sentiment continues to be fueled by the latest PIB auction held on November 08, which showed a sharp decline in yields, possibly suggesting that market participants are expecting the interest rates to fall even earlier than previously expected.

Moreover, investors are anticipating a higher weight for Pakistan in the upcoming review of global index provider Morgan Stanley Capital International (MSCI), which is due tomorrow.

In today’s session, of the 100 index companies 57 closed up, 23 closed down, 1 was unchanged, while 19 remained untraded.

KSE-100 index was supported by Power Generation & Distribution with 207.07, Fertilizer with 191.58, Commercial Banks with 183.98, Cement with 117.3, and Automobile Assembler with 92.2 points.

Companies adding points to the index were HUBC with 194.45, EFERT with 101.33, MTL with 95.44, BAHL with 81.29, and MCB with 78.75 points.

KSE-100 Index was let down by Refinery with 8.48, Inv. Banks / Inv. Cos. / Securities Cos. with 5.81, Transport with 3.9, Leather & Tanneries with 3.7, and Automobile Parts & Accessories with 1.94 points.

Companies dragging the index lower were MEBL with 24.86, UPFL with 13.06, KEL with 10.89, OGDC with 7.44 and NATF with 6.75 points.

In the broader market, the All-Share index also closed at an all-time high of 37,389.76 with a net gain of 594.98 points.

Total market volume was 660.650 million shares compared to 640.837 from the previous session while traded value was recorded at Rs22.41 billion showing an increase of Rs1.26bn.

There were 239,829 trades reported in 382 companies with 217 closing up, 147 closing down and 18 remaining unchanged.

Company Volume

Top Ten by Volume

WTL 100,788,191
CNERGY 60,730,540
HUMNL 32,478,500
PRL 23,831,505
SEARL 21,848,177
MLCF 21,778,867
TELE 17,733,907
AIRLINK 15,772,961
PIAA 13,879,500
FFL 13,744,640

The KSE-100 has now gained 15,071 points or 36.36% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 16,103 points, equivalent to 39.84% in the KSE-100.

The Pakistan stock market has been enjoying a remarkable rally ever since the $3 billion Stand-By Arrangement (SBA) was reached with the International Monetary Fund (IMF) towards the end of FY23, which saved the country from a sovereign debt default.

Copyright Mettis Link News

Posted on: 2023-11-13T16:20:52+05:00