The benchmark of Pakistan Stock Market (PSX) KSE-100 index continued its upward trajectory on Tuesday, closing at a new record high of 74,531.19 after surging 732.08 points or 0.99%. The index maintained a positive trend throughout the trading session, reaching an intraday high of 74,575.31 (+776.19) and a low of 73,977.01 (+177.9) points. The total volume of the KSE-100 index stood at 257.37 million shares.
Pakistan Government and IMF Initiate Talks for Further Engagement
In a significant development, the Pakistan government and the International Monetary Fund (IMF) commenced discussions on further engagement with the Fund. Pakistan aims for a larger and longer deal with the IMF.
Expectations of IMF Agreement
Wall Street bank Citi anticipates Pakistan to reach an agreement with the IMF for a new four-year program totaling up to $8 billion by the end of July. Citi recommends a long position on Pakistan’s 2027 international bond in light of this expectation.
These developments suggest growing confidence in Pakistan’s economic outlook and its commitment to financial stability, reflected in the positive performance of the KSE-100 index. Investors are closely monitoring the progress of discussions between the Pakistan government and the IMF for potential implications on the country’s economic policies and financial markets.
TUESDAY’S KSE-100 INDEX ANALYSIS: SECTORAL PERFORMANCE AND INDEX MOVERS
In Tuesday’s trading session, the KSE-100 index demonstrated mixed performance, with 59 of the 100 index companies closing higher, 36 closing lower, and 5 remaining unchanged. Let’s delve into the sectoral performance and the companies that significantly influenced the index movement:
Sectoral Performance:
- Supporting Sectors: The KSE-100 index was buoyed by several sectors, with notable contributions from:
- Commercial Banks (276.76pts)
- Oil & Gas Exploration Companies (235.61pts)
- Fertilizer (152.21pts)
- Cement (45.82pts)
- Automobile Parts & Accessories (31.98pts)
- Pressured Sectors: Conversely, certain sectors exerted downward pressure on the index, including:
- Technology & Communication (-13.42pts)
- Textile Composite (-13.37pts)
- Food & Personal Care Products (-12.97pts)
- Miscellaneous (-11.48pts)
- Chemical (-6.33pts)
Index Movers:
- Contributors to Index Gains: Several companies significantly bolstered the index, including:
- EFERT (121.44pts)
- OGDC (94.25pts)
- MEBL (85.23pts)
- MCB (63.63pts)
- MARI (62.57pts)
- Companies Affecting Index Declines: Conversely, certain companies weighed down the index, such as:
- TRG (12.64pts)
- DAWH (10.94pts)
- ILP (8.21pts)
- PSEL (7.22pts)
- NESTLE (6.81pts)
ANALYSIS OF BROADER MARKET PERFORMANCE: ALL-SHARE INDEX AND TRADING ACTIVITY
In Tuesday’s trading session, the broader market, represented by the All-Share index, closed at 48,311.72, marking a net gain of 376.84 points. Let’s delve deeper into the trading activity and key statistics:
Market Activity:
- Total Market Volume: The total market volume amounted to 574.18 million shares, reflecting a decrease compared to the previous session’s volume of 721.60 million shares.
- Traded Value: The traded value in the market was recorded at Rs23.43 billion, indicating a decrease of Rs2.23 billion from the previous session.
Trading Summary:
- Number of Trades: There were 267,542 trades reported in 387 companies during the trading session.
- Closing Trends: Among the companies, 189 closed higher, 178 closed lower, and 20 remained unchanged.
Top Ten Companies by Volume:
- The top ten companies by volume traded during the session were as follows:
- CNERGY: 35,483,501 shares
- WTL: 29,894,985 shares
- KEL: 28,167,436 shares
- PAEL: 19,885,214 shares
- FFL: 19,548,427 shares
- OGDC: 18,217,177 shares
- TPLP: 15,848,960 shares
- SEARL: 15,328,722 shares
- GGL: 11,917,121 shares
- KOSM: 10,891,938 shares
Yearly Performance of KSE-100 Index:
- During the fiscal year, the KSE-100 index has demonstrated remarkable growth, gaining 33,079 points or 79.8%.
- In the ongoing calendar year, the index has witnessed a cumulative increase of 12,080 points, equivalent to 19.34%.
