PSX SUMMARY: The KSE-100 Index closed Thursday’s trading session down by 216.05 points, or 0.25%, to settle at 85,453.22 points. The benchmark index faced pressure throughout the day, trading in a range of 587.72 points. It hit an intraday high of 86,013.46 points (+344.19) and a low of 85,425.74 points (-243.53). The total volume for the KSE-100 was recorded at 293.94 million shares.
Market Movers
Of the 100 companies in the index, 42 closed higher, 54 declined, 3 remained unchanged, while 1 company saw no trading activity. The session’s top losers included:
- MEHT (-7.91%)
- KOSM (-5.98%)
- LCI (-5.09%)
- YOUW (-4.53%)
- AIRLINK (-3.43%)
On the flip side, the top gainers were:
- PTC (+10.00%)
- BNWM (+6.77%)
- PPL (+4.74%)
- PIBTL (+4.59%)
- NBP (+3.58%)
Key Contributors to Index Movement
Companies that contributed to the index’s downward movement were:
- EFERT (-96.38 points)
- FFC (-77.89 points)
- HBL (-48.75 points)
- LUCK (-43.93 points)
- MARI (-33.43 points)
Meanwhile, stocks that supported the index included:
- PPL (+128.17 points)
- PSO (+42.29 points)
- NBP (+37.25 points)
- PTC (+25.12 points)
- SEARL (+13.04 points)
Sector Performance
The market’s decline was driven by weakness in key sectors, including:
- Fertilizer (-181.52 points)
- Commercial Banks (-76.74 points)
- Power Generation & Distribution (-33.87 points)
- Chemical (-27.24 points)
- Cement (-26.42 points)
However, the index saw some support from:
- Oil & Gas Exploration Companies (+117.86 points)
- Oil & Gas Marketing Companies (+51.11 points)
- Pharmaceuticals (+41.84 points)
- Transport (+6.96 points)
- Real Estate Investment Trust (+3.75 points)
Broader Market Overview
The broader All-Share Index also recorded a net loss of 58.44 points, closing at 54,558.10, down by 0.11%. The total market volume stood at 503.75 million shares, a decline from the previous session’s 596.05 million shares. The value of traded shares decreased to Rs27.91 billion, down by Rs3.43 billion.
Out of 430 companies traded, 149 closed in the green, 213 declined, and 68 remained unchanged. A total of 248,226 trades were reported.
Top Ten Volume Leaders
The following stocks led in trading volume:
- PTC: 52,237,770 shares (+10.00%)
- HUBC: 46,573,519 shares (-0.61%)
- PIAHCLA: 25,513,036 shares (+10.00%)
- PPL: 23,209,702 shares (+4.74%)
- HUMNL: 17,551,860 shares (+9.99%)
- KEL: 17,397,816 shares (-3.27%)
- WTL: 17,208,052 shares (0.00%)
- SLGL: 16,231,361 shares (-0.17%)
- KOSM: 15,291,112 shares (-5.98%)
- TPLP: 13,529,214 shares (+6.01%)
Market Gains in FY25 and 2024 Calendar Year
Despite today’s decline, the KSE-100 Index has gained 7,008 points or 8.93% during the ongoing fiscal year (FY25). For the calendar year 2024, the index has surged by 23,002 points, representing an impressive increase of 36.83%.
PAKISTAN MARKET NEWS
The Pakistani rupee (PKR) experienced a marginal decline during Thursday’s interbank session, slipping by 7.06 paisa or 0.03% against the US dollar. The exchange rate closed at PKR 277.79 per USD, down from the previous day’s value of PKR 277.72. During the trading session, the rupee fluctuated, reaching an intraday high (bid) of PKR 277.85 and a low (ask) of PKR 277.75.
Gold Prices in Pakistan
The price of gold in Pakistan also saw a minor decrease. As of Thursday, October 10, 2024, the rate for 24-carat gold dropped by Rs 500 per tola, settling at Rs 271,200 compared to Rs 271,700 on the previous day.
Global Gold Market
In the global market, gold (XAU/USD) attracted some modest buying interest, ending a six-day losing streak that had pushed the precious metal to nearly a three-week low, around $2,604-$2,605. Despite this uptick, the recovery lacked significant momentum, as expectations of a 25 basis points interest rate cut by the Federal Reserve in November continue to bolster the US dollar. The greenback recently hit an eight-week high, putting downward pressure on the non-yielding gold.
Outlook
With the ongoing strength of the US dollar and rising interest rate expectations, gold prices may face further challenges in regaining significant upward traction. At the same time, the Pakistani rupee’s movements against the US dollar remain under close watch amid economic uncertainty and external factors influencing the currency’s performance.
