CONTRARY MARKET RESPONSE DESPITE AUCTION YIELD DROP IN PAKISTAN

Despite the recent drop in auction yields, which experts viewed as an indicator of a potential rate cut in the upcoming Monetary Policy Committee (MPC) meeting, the market responded unexpectedly. Moreover the index is also facing resistance from its previous top according to technical analysis of KSE-100.

The benchmark KSE-100 index experienced a notable downturn, closing today’s trading session with a decrease of 524.43 points or 0.81%, settling at 64,298.

A day earlier, KSE-100 INDEX ENDED BULLISH, MARKING CONTINUED GROWTH IN PAKISTAN’S STOCK MARKET, RETESTING RESISTANCE

This movement in the index was characterized by a range of 1,033.16 points, hitting an intraday high of 65,213.61 (+391.18 points) and plunging to a low of 64,180.45 (-641.98 points). The total volume of shares traded in the KSE-100 index was recorded at 290.527 million.

KSE100_2024-01-25_20-07-17
KSE100_2024-01-25_20-07-17

DIVERSE OUTCOMES AMONG INDEX COMPANIES

Within the 100 index companies, 33 ended the session with gains, while 60 closed lower. Three companies remained unchanged, and four did not trade.

The index’s decline was primarily influenced by sectors such as Oil & Gas Exploration Companies, Technology & Communication, Power Generation & Distribution, Oil & Gas Marketing Companies, and Commercial Banks.

These sectors collectively pulled down the index significantly.

In contrast, sectors like Fertilizer, Chemical, Tobacco, Engineering, and Automobile Parts & Accessories provided some support to the index, contributing positively.

KEY COMPANY PERFORMANCES

Companies such as OGDC, PPL, BAHL, HUBC, and PSO were among the major contributors to the index’s fall. On the other hand, companies like ENGRO, MEBL, EFERT, MARI, and LCI added points to the index, offering some balance to the overall market trend.

BROADER MARKET OVERVIEW

In the broader spectrum, the All-Share index also closed in the red, with a net loss of 407.38 points, finalizing at 43,382.43. The total market volume rose to 460.691 million shares, compared to the previous session’s 479.982 million shares. The traded value increased to Rs25.25 billion, marking an increase of Rs2.72 billion.

A total of 201,426 trades were reported across 352 companies, with 101 closing higher, 233 lower, and 18 unchanged.

TOP TEN BY VOLUME

  1. OGDC: 49,679,574 shares
  2. KEL: 48,974,614 shares
  3. HASCOL: 38,807,500 shares
  4. PPL: 27,378,044 shares
  5. FFBL: 24,116,651 shares
  6. DCL: 16,579,000 shares
  7. PIBTL: 15,934,000 shares
  8. WTL: 15,332,320 shares
  9. AIRLINK: 12,481,170 shares
  10. FFL: 11,359,529 shares

YEARLY MARKET PERFORMANCE

Reflecting on the fiscal year, the KSE-100 has gained 22,845 points or 55.11%. The ongoing calendar year also witnessed a cumulative increase of 1,847 points, equivalent to 2.96%.

 

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