PSX Market Update: Positive Momentum Continues

Karachi: The KSE-100 index experienced a positive trend, concluding the trading session on Wednesday at 64,822.43, marking a gain of 368.21 points or 0.57%.

Throughout the day, the index demonstrated favorable performance, reaching an intraday high of 65,063.08 (+608.86) and a low of 64,460.95 (+6.73) points.

The government finalized Petroleum Concession Agreements and Exploration Licences for 8 blocks involving 4 companies, mandating a minimum investment exceeding $33.3 million by Exploration and Production (E&P) companies within three years.

Today's best-performing sector was Oil & Gas Exploration Companies, contributing 208 points to the index, followed by Commercial Banks with 118.36, Cement with 73.83, Oil & Gas Marketing Companies with 17.62, and Chemical with 11.53 points.

Conversely, the index faced a downturn in sectors such as Power Generation & Distribution with 30.92, Miscellaneous with 22.02, Technology & Communication with 18.72, Fertilizer with 16.84, and Property with 3.24 points.

Companies making positive contributions to the index included OGDC with 183.61, BAHL with 35.11, BAFL with 28.46, APL with 27.22, and HMB with 23.77 points.

On the flip side, companies exerting downward pressure on the index were FFC with 34.22, PSEL with 29.64, HUBC with 24.23, TRG with 12.87, and ILP with 7.49 points.

In the broader market, the All-Share index concluded at 43,789.81, experiencing a net gain of 328.18 points.

Total market volume reached 479.982 million shares, an increase from the previous session, while the traded value amounted to Rs22.50 billion, reflecting a decrease of Rs2.50 billion.

With 207,529 trades reported in 349 companies, 198 closed with gains, 128 with losses, and 23 remained unchanged. It's noteworthy that the KSE-100 has witnessed a robust growth of 23,370 points or 56.38% during the fiscal year, and the ongoing calendar year has seen a cumulative increase of 2,371 points, equivalent to 3.8%.