Daily Times

Pakistan Stock Exchange (PSX) consolidated gains for the third session in a row on Friday, with the benchmark KSE-100 Index gaining 609.18 points (+0.98 percent) to close at 63,002.91 points.

The market opened on a positive note and remained in the green territory throughout the session. A positive shift occurred in the market, propelled by the majority of companies reporting a substantial surge in profits. The recent positive momentum of the country’s economy is also an encouraging sign for investors.

“Pakistan’s trade deficit clocked in at $1.9 billion down 25%YoY while up 7% MoM in Jan-2024, as per PBS data. Exports up 25% YoY whole down 1% MoM to $2.8bn. However, imports fell 2% YoY while up 2% MoM to $4.7bn in Jan 2024. In 7MFY24, the trade deficit fell 33% YoY to $13.1bn vs $19.5bn in 7MFY23.” said Topline Securities.

The KSE-100 witnessed range-bound trading during the first half. However, the second half saw a buying spree that helped the index gain ground. A mixed trend was witnessed at the bourse among index-heavy sectors with automobile assemblers, cement, commercial banks, pharmaceutical and technology trading in the green, while oil and gas marketing companies and insurance sectors remained in the red.

The benchmark index traded in a range of 626.58 points, showing an intraday high of 63,075.30 points and an intraday low of 62,448.72 points. Among other indices, the KSE All Share Index gained 475.16 points (+1.12 percent) to close at 42,577.29 points. Similarly, the KMI All Share Islamic Index gained 351.16 points (+1.13 percent) to close at 30,952.77 points.

Total volumes traded for the KSE-100 Index decreased by 5.56 million to 133.23 million shares against 138.79 million shares in the previous session. Similarly, the overall market volumes decreased by 6.99 million shares to 263.55 million shares against 270.54 million shares traded a session earlier.

Among scrips, KEL topped the volumes with 26.58 million shares, followed by PIAA (25.84 million) and PPL (18.48 million). Stocks that contributed significantly to the volumes included KEL, PIAA, PPL, HASCOL, and OGDC, which formed over 38 percent of total volumes.

A total of 335 companies traded shares in the stock exchange against 345 in the previous session, out of which shares of 217 closed up, shares of 91 companies closed down while shares of 27 companies remained unchanged. A total of 93 companies traded shares in the KSE-100 Index against 95 companies in the previous session, out of which share prices of 63 companies closed up, 20 companies closed down and 10 remained unchanged.

The number of total trades increased to 134,816 from 130,232 a session earlier, while the value traded decreased by Rs0.90 billion to Rs10.73 billion from Rs11.63 billion a session earlier.

In terms of rupee, ISIL remained the top gainer with an increase of Rs83 (+7.17 percent) per share, closing at Rs1,240. The runner-up remained PAKT, the share price of which climbed up by Rs37.11 (+3.66 percent) to Rs1,049.99. KSBP remained the top loser with a decrease of Rs9.4 (-7.34 percent) per share, closing at Rs118.6, followed by BELA, the share price of which fell by Rs6.58 (-7.5 percent) to close at Rs81.13 per share.

The major sectors taking the index towards north remained automobile assemblers (93 points), commercial banks (89 points), cement (86 points), fertilizer (84 points), oil & gas exploration companies (46 points), technology and communication (42 points), pharmaceutical (31 points), power generation and distribution (29 points), and chemicals (22 points).

Ten major companies adding points to the index remained EFERT (46 points), MTL (42 points), OGDC (39 points), MCB (28 points), LUCK (21 points), MEBL (15 points), CHCC (13 points), TRG and ILP (10 points each), and KEL (8 points).

The major sectors depriving the index of points remained investment banks/ investment companies/ securities companies and insurance (4 points each) and oil and gas marketing companies (2 points).

Ten major companies depriving the index of points remained PPL (15 points), BAFL (8 points), KOHC (6 points), FFC (5 points), PSO and NICL (3 points each), and KTML, DAWH, SNBL and AICL (2 points each).