PSX Recap: Market Optimism Grows Ahead of Earnings Season
Among the 100 index companies, 65 experienced gains, 26 recorded losses, 4 remained unchanged, and 5 were untraded.
Karobar
The Pakistan stock market continued its upward momentum from the previous day as investors eagerly await the onset of the earnings season, anticipating positive financial results.
Closing the Tuesday trading session, the benchmark KSE-100 index concluded at 64,454.22, marking a notable increase of 514.81 points or 0.81%. Throughout the day, the index exhibited a range of 1,108.56 points, reaching an intraday high of 64,658.17 (+718.76) and a low of 63,549.61 (-389.81) points.
The total trading volume for the KSE-100 index amounted to 261.113 million shares.
Contributing to the positive performance of the KSE-100 index were sectors such as Commercial Banks (212.27 points), Fertilizer (149.56 points), Technology & Communication (29.51 points), Refinery (29.01 points), and Oil & Gas Exploration Companies (28.46 points).
Conversely, sectors like Oil & Gas Marketing Companies (-30.53 points), Automobile Assembler (-14.6 points), Synthetic & Rayon (-13.68 points), Power Generation & Distribution (-13.29 points), and Chemical (-5.13 points) weighed down the index.
Key players bolstering the index included EFERT (93.44 points), BAHL (62.54 points), MARI (59.98 points), OGDC (58.2 points), and MEBL (45.7 points). On the other hand, companies exerting downward pressure included PPL (88.06 points), LUCK (24.91 points), PSO (24.19 points), SYS (16.56 points), and MTL (14.65 points).
In the broader market, the All-Share index concluded at 43,461.63, witnessing a net gain of 243.73 points. Total market volume surged to 425.710 million shares, a notable increase from the previous session's 298.699 million, with a traded value of Rs25.00 billion, reflecting a rise of Rs12.48 billion.
Across 202,287 trades involving 35 companies, 209 closed higher, 127 closed lower, and 18 remained unchanged.
Fauji Foods Limited (PSX: FFL) disclosed its profit and loss statement today, reporting a profit after tax of Rs605.11 million [EPS: Rs0.26]. This marked a significant turnaround from the loss of Rs2.17 billion [LPS: Rs1.37] recorded in the same period last year (SPLY). The company attributed its sustained profitability over the past nine months to margin accretive growth, cost of goods sold reduction, and capability development.
It's noteworthy that the KSE-100 has witnessed a robust gain of 23,002 points or 55.49% during the fiscal year, with the ongoing calendar year showing a cumulative increase of 2,003 points, equivalent to 3.21%.
