PSX SUMMARY: Pakistani equities continued their bullish streak on Friday, setting a fresh record as improving macroeconomic indicators and a significant drop in bond yields bolstered market sentiment. The benchmark KSE-100 Index rose 615.16 points or 0.76%, closing at an all-time high of 82,074.44.
MARKET SENTIMENT LIFTED BY BOND YIELDS AND GLOBAL FACTORS
Investors ramped up bets for further outsized interest rate cuts by the State Bank of Pakistan (SBP) after it slashed yields on Pakistan Investment Bonds (PIBs) by as much as 335 basis points in the previous auction. Globally, sentiment was also lifted by the Federal Reserve’s aggressive 50 basis points interest rate cut, marking the first major reduction since the start of the Covid pandemic.
In the U.S., the stock benchmark S&P 500 gained 1.7%, hitting its 39th record high in 2024, with a year-to-date surge of approximately 20%.
INDEX HIGHLIGHTS: INTRADAY MOVES AND VOLUME
- The KSE-100 traded within a range of 984.62 points, showing an intraday high of 82,372.19 and a low of 81,387.57.
- The total volume of the KSE-100 Index was 243.55 million shares.
- Among the 100 index companies, 58 closed up, 40 closed down, and 2 were unchanged.
TOP GAINERS AND LOSERS
Top Gainers:
- HBL (+6.83%)
- SRVI (+6.20%)
- PGLC (+4.93%)
- MEBL (+4.61%)
- MCB (+4.15%)
Top Losers:
- TGL (-7.74%)
- FFBL (-7.66%)
- MUGHAL (-5.76%)
- YOUW (-4.70%)
- THALL (-3.56%)
INDEX-POINT CONTRIBUTIONS
Positive Contributors:
- HBL (+155.23pts)
- MEBL (+150.77pts)
- MCB (+126.50pts)
- UBL (+125.11pts)
- LUCK (+70.39pts)
Negative Contributors:
- OGDC (-95.35pts)
- HUBC (-78.35pts)
- PPL (-66.55pts)
- FFBL (-53.79pts)
- EFERT (-53.05pts)
Sector Performance
Sectors Supporting the Index:
- Commercial Banks (+647.09pts)
- Cement (+123.22pts)
- Leather & Tanneries (+45.88pts)
- Technology & Communication (+31.23pts)
- Pharmaceuticals (+30.90pts)
Sectors Dragging the Index:
- Oil & Gas Exploration Companies (-121.41pts)
- Power Generation & Distribution (-68.39pts)
- Fertilizer (-45.34pts)
- Glass & Ceramics (-24.00pts)
- Engineering (-17.33pts)
BROADER MARKET OVERVIEW
In the broader market, the All-Share Index closed at 52,288.85, with a net gain of 279.07 points or 0.54%. The total market volume reached 482.37 million shares, up from 459.04 million in the previous session. The traded value was recorded at Rs30.19 billion, marking an increase of Rs11.58 billion.
A total of 229,192 trades were reported across 453 companies, with 195 closing up, 196 closing down, and 62 remaining unchanged.
TOP TEN STOCKS BY VOLUME:
- FCSC
Price: Rs2.76
Change: -1.07%
Volume: 31,588,613 - OGDC
Price: Rs141.29
Change: -3.13%
Volume: 29,408,063 - FFBL
Price: Rs44.36
Change: -7.66%
Volume: 28,625,529 - WTL
Price: Rs1.31
Change: -1.50%
Volume: 26,830,674 - PACE
Price: Rs6.28
Change: 0.48%
Volume: 18,851,097 - HBL
Price: Rs127.85
Change: 6.83%
Volume: 16,166,846 - KOSM
Price: Rs7.78
Change: -2.87%
Volume: 15,999,725 - PPL
Price: Rs113.24
Change: -2.65%
Volume: 15,667,189 - HUBC
Price: Rs143.13
Change: -1.71%
Volume: 14,592,154 - CNERGY
Price: Rs3.83
Change: -2.30%
Volume: 12,724,510
YEARLY PERFORMANCE OF KSE-100
The KSE-100 has gained 3,629 points or 4.63% during the current fiscal year. In the ongoing calendar year, the index has witnessed a cumulative increase of 19,623 points, equivalent to 31.42%.
PAKISTAN MARKETS SUMMARY
The Pakistani rupee (PKR) appreciated by 0.03% against the US dollar, closing at PKR 277.84 per USD. In the open market, the dollar was quoted at PKR 279.41 for buying and PKR 280.70 for selling. PKR showed mixed performance against other major currencies, strengthening against the Japanese yen and Chinese yuan but weakening against the euro and British pound.
In the gold market, prices surged to a new record, with 24-karat gold reaching Rs272,000 per tola in Pakistan, while global spot gold hit an all-time high of $2,614 per ounce. The increase follows interest rate cuts by global central banks, led by the Federal Reserve’s 50 bps reduction. Despite gold’s rise, silver prices remained stable.
Gold’s upward trend remains strong, with potential targets of $2,650 and $2,700. However, a correction could occur if its RSI enters and exits the overbought zone. Global geopolitical tensions and central bank rate cuts continue to support gold as a safe-haven asset.
