PSX MAINTAINS BULLISH TREND

Bulls maintained their momentum at the Pakistan Stock Exchange (PSX) on Wednesday, pushing the benchmark KSE-100 index above the 80,000 level. The KSE-100 Index closed at an all-time high of 80,233.67, up 680.79 points or 0.86% from the previous session.

Intraday Range:
The index traded in a range of 707.98 points, showing an intraday high of 80,405.23 (+852.35) and a low of 79,697.25 (+144.37) points.
Total Volume:
The total volume of the KSE-100 Index was 280.09 million shares.
Market Breadth:
Of the 100 index companies, 65 closed up, 31 closed down, while 4 remained unchanged.

IMF BAILOUT EXPECTATIONS

Pakistan is looking to clinch a staff-level agreement on an International Monetary Fund (IMF) bailout of more than $6 billion this month after addressing all of the lender’s requirements in its annual budget, Reuters reported, citing Pakistan’s junior finance minister.

SECTOR PERFORMANCE

The KSE-100 index was supported by the following sectors:

Commercial Banks: +274.44 points
Oil & Gas Exploration Companies: +161.35 points
Power Generation & Distribution: +87.90 points
Cement: +87.45 points
Oil & Gas Marketing Companies: +68.34 points

Conversely, the index was dragged down by:

PSX SUMMARY: HITS HISTORIC 82,000 MARK

PAKISTANI RUPEE APPRECIATES BY 12.91 PAISA

GOLD PER TOLA RISES BY RS 800 – XAU/USD

Fertilizer: -102.98 points
Tobacco: -32.38 points
Engineering: -29.42 points
Automobile Assembler: -12.75 points
Automobile Parts & Accessories: -6.91 points

TOP CONTRIBUTORS

Companies that added the most points to the index:

HBL: +121.23 points
POL: +88.86 points
HUBC: +85.79 points
NBP: +46.85 points
SYS: +46.23 points

Companies that dragged the index lower:

FFC: -56.14 points
EFERT: -41.89 points
PAKT: -32.38 points
FABL: -17.03 points
INIL: -14.87 points

BROAD MARKET PERFORMANCE

In the broader market, the All-Share index closed at 50,771.44 with a net gain of 364.20 points or 0.72%.

Total Market Volume:
536.58 million shares compared to 413.15 million from the previous session.
Traded Value:
Rs22.72 billion, showing an increase of Rs6.13 billion.
Market Breadth:
There were 257,208 trades reported in 447 companies, with 256 closing up, 135 closing down, and 56 remaining unchanged.

PRIVATIZATION OF PIA

In a recent development, the Privatization Commission (PC) has set the deadline for the privatization process of Pakistan International Airlines (PSX: PIAHCLA) for August 2024. Its shares have jumped 29.5% in the past three trading sessions.