PSX Market Update: Late Surge Marks a Positive Close
Market dynamics showcased a balance between advancers and decliners, with 45 companies closing higher, 43 lower, 5 unchanged, and 7 remaining untraded.
Karobar
The Pakistan stock market commenced the week with a measured pace, maintaining proximity to the opening levels throughout most of the session. In a notable turn of events during the final two hours, a surge in buying activity from investors propelled the index upwards by 657.19 points or 1.04%, concluding the day at 63,939.41.
Contrasting the prior week's decline of 1,355 points or 2.1% in the KSE-100, today's session exhibited a trading range of 951.15 points. The intraday high reached 64,090.88 (+808.65), while the low touched 63,139.73 (-142.50) points. The total volume of the KSE-100 index reached 197.283 million shares.
Notably, the International Monetary Fund (IMF) acknowledged Pakistan's commendable performance in its first review report, specifically against end-September Quantitative Performance Criteria (QPCs), Indicative Targets (ITs), and Structural Benchmarks (SBs) under the Standby Arrangement.
The robust performance of Oil & Gas Exploration Companies significantly influenced the KSE-100 index, contributing 406.39 points. Reports suggest a substantial infusion within this sector as part of the circular debt resolution plan, with OGDC and PPL expected to receive Rs600 billion and Rs150 billion, respectively.
Positive contributions also emanated from Commercial Banks (112.84 points), Oil & Gas Marketing Companies (80.15 points), Power Generation & Distribution (73.83 points), and fertilizers (29.82 points). Conversely, Cement (-13.27 points), Technology & Communication (-11.79 points), Automobile Assembler (-11.41 points), Chemical (-10.13 points), and Cable & Electrical Goods (-7.28 points) weighed down the index.
Index-heavy companies OGDC and PPL, accounting for approximately 8.25% of the total KSE-100, witnessed a surge of over 7%, adding 182.6 and 177.11 points, respectively. Other significant contributors included BAHL (89.95 points), HUBC (52.59 points), and MARI (43.17 points). Conversely, UBL (-11 points), MTL (-8.99 points), FCCL (-8.08 points), CHCC (-7.43 points), and PAEL (-7.28 points) dragged the index lower.
In the broader market, the All-Share index concluded at 43,217.90, registering a net gain of 358.48 points. Total market volume reached 296.730 million shares, surpassing the previous session, while the traded value stood at Rs12.48 billion, reflecting an increase of Rs3.16 billion.
The day's trading activities reported 135,993 trades in 335 companies, with 140 closing higher, 171 lower, and 24 unchanged.
Throughout the fiscal year, the KSE-100 has recorded an impressive gain of 22,487 points or 54.25%, with the ongoing calendar year witnessing a cumulative increase of 1,488 points, equivalent to 2.38%.
