Karachi, May 29, 2024: The Pakistan Stock Exchange (PSX) experienced a turbulent trading session on Monday, with the benchmark KSE-100 index closing at 75,517.49, reflecting a decrease of 465.55 points or 0.61%. The index oscillated within a range of 701.83 points, hitting an intraday high of 76,187.45 and a low of 75,485.62.
SECTOR ANALYSIS AND VOLUME
The trading volume for the KSE-100 index was recorded at 195.3 million shares, demonstrating robust market activity despite the downward trend. Among the 100 index companies, 25 closed higher, 69 closed lower, 5 remained unchanged, and 1 company did not trade.
Top Sector Losers:
- Fertilizer: -109.11 points
- Oil & Gas Exploration Companies: -100.99 points
- Cement: -68.08 points
- Power Generation & Distribution: -65.83 points
- Commercial Banks: -46.69 points
Top Sector Gainers:
- Technology & Communication: +24.55 points
- Leather & Tanneries: +18.05 points
- Miscellaneous: +14.05 points
- Insurance: +5.15 points
- Tobacco: +3.7 points
KEY MOVEMENTS IN INDIVIDUAL STOCKS
Leading the decline were companies such as Fauji Fertilizer Company (FFC) (-75.05 points), MCB Bank Limited (MCB) (-51.88 points), Pakistan Petroleum Limited (PPL) (-49.97 points), Oil and Gas Development Company (OGDC) (-44.76 points), and Bank Alfalah Limited (BAFL) (-29.37 points).
Conversely, stocks contributing to upward momentum included Faysal Bank Limited (FABL) (+37.92 points), Habib Bank Limited (HBL) (+27.82 points), Systems Limited (SYS) (+27.09 points), Service Industries Limited (SRVI) (+18.05 points), and Pakistan Services Limited (PSEL) (+16.55 points).
BROADER MARKET TRENDS
The All-Share index closed at 48,909.84, with a net loss of 294.76 points. The total market volume was 446.07 million shares, down from the previous session’s 609.85 million shares, while the traded value decreased to Rs16.41 billion from Rs23.59 billion. A total of 210,440 trades were executed across 405 companies, with 123 gaining, 230 declining, and 52 remaining unchanged.
Volume Leaders:
- K-Electric Limited (KEL): 55,596,310 shares
- Symbol (SYM): 40,663,666 shares
- Worldcall Telecom Limited (WTL): 29,465,739 shares
- Dewan Cement Limited (DCL): 18,979,886 shares
- Hum Network Limited (HUMNL): 18,613,734 shares
- Dewan Farooque Motors Limited (DFML): 16,744,564 shares
- Hascol Petroleum Limited (HASCOL): 14,730,016 shares
- Faysal Bank Limited (FABL): 10,638,579 shares
- Cnergyico PK Limited (CNERGY): 9,958,329 shares
- Fauji Cement Company Limited (FCCL): 9,739,406 shares
The KSE-100 index has gained 34,065 points or 82.18% during the fiscal year, with a cumulative increase of 13,066 points (20.92%) in the ongoing calendar year.
GOLD MARKET DECLINES AS GLOBAL TRENDS IMPACT LOCAL PRICES
Karachi, May 29, 2024: The price of 24-karat gold in Pakistan dropped by Rs500 to Rs240,300 per tola on Monday. This decline follows a brief upward trend influenced by rallies in the international market, which had prompted local gold dealers to underprice the metal due to decreased purchasing power.
Gold and Silver Prices
- 24-Karat Gold: Rs240,300 per tola
- 10-Gram Gold: Rs206,018, down by Rs429
- 22-Karat Gold: Rs188,850 per 10-gram
Silver prices remained stable in the domestic market:
- 24-Karat Silver: Rs2,800 per tola
- 10-Gram Silver: Rs2,400.54
International Context
Gold (XAU/USD) closed at $2.361.46 internationally, up by 0.44% from the previous close. Gold witnessed a shift in trend falling from an all time high (ATH) of 2.450.09 as market sentiment was affected by diminishing expectations of U.S. interest rate cuts ahead of a critical inflation report. The Federal Reserve’s recent policy minutes suggested that higher interest rates might persist to manage inflation, which typically reduces gold’s appeal due to increased opportunity costs.
PAKISTANI RUPEE VOLATILITY AGAINST MAJOR CURRENCIES
Karachi, May 29, 2024: The Pakistani rupee (PKR) depreciated by 9.03 paisa against the US dollar, closing at PKR 278.3 per USD in Monday’s interbank session. The currency’s intraday bid was 278.5, with an ask of 278.3.
Exchange Rates Against Major Currencies
- Euro: PKR 301.84, down by 68.22 paisa
- British Pound: PKR 354.39, up by 1.05 rupees
- Swiss Franc: PKR 304.05, down by 18.38 paisa
- Japanese Yen: PKR 1.7736, down by 0.22 paisa
- Chinese Yuan: PKR 38.41, up by 1.17 paisa
- Saudi Riyal: PKR 74.2, up by 2.6 paisa
- U.A.E Dirham: PKR 75.74, up by 2.77 paisa
Financial Year and Calendar Year Performance
During the current financial year, the PKR has appreciated by 7.69 rupees or 2.76% against the US dollar. In the ongoing calendar year, the rupee has appreciated by 3.56 rupees or 1.28%.
Money Market Insights
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates edged down by 1 basis point to 21.01% and 21.26%, respectively.
Conclusion
Monday’s financial markets in Pakistan presented a mixed picture for investors. The PSX experienced a notable decline, gold prices fell influenced by international market trends, and the PKR showed volatility against major currencies. These fluctuations highlight the importance of continuous monitoring and strategic adjustments by investors and policymakers in response to the interconnected nature of local and global financial markets.
