PAKISTAN STOCK MARKET SUMMARY: Pakistan Stock Exchange (PSX) experienced strong upward momentum on Thursday, as investors gained expectations of monetary easing due to a significant drop in yields at Wednesday’s auction. The benchmark KSE-100 Index closed at 78,793.41 points – an increase of 532.56 points or 0.68% over Wednesday.
INTRADAY PERFORMANCE AND VOLUME CONTROL
The KSE-100 Index showed considerable strength throughout its trading session, reaching an intraday high of 78,996.22 points (+735.37) and an intraday low of 78,442.225 points (+81.40). A total volume of shares traded on this index reached 184.56 million shares.
MARKET CONTRIBUTORS
Out of the 100 index companies, 58 closed higher, 37 closed lower, and 5 remained unchanged. The top gainers of the day were:
- Servis Industries Limited (SRVI): +9.44%
- Pakistan International Bulk Terminal (PIBTL): +7.89%
- National Refinery Limited (NRL): +7.24%
- D.G. Khan Cement Company Limited (DGKC): +5.59%
- National Bank of Pakistan (NBP): +4.66%
Conversely, the top losers included:
- Pakistan Telecommunication Company Limited (PTC): -3.57%
- You Wi Networks Limited (YOUW): -3.23%
- Javedan Corporation Limited (JVDC): -2.25%
- Standard Chartered Bank (Pakistan) Limited (SCBPL): -2.08%
- Millat Tractors Limited (MTL): -1.94%
INDEX-POINT CONTRIBUTIONS
Key contributors to the index’s rise were:
- Fauji Fertilizer Company Limited (FFC): +148.96 points
- Servis Industries Limited (SRVI): +62.28 points
- National Bank of Pakistan (NBP): +39.13 points
- Hub Power Company Limited (HUBC): +38.31 points
- Pakistan State Oil (PSO): +34.17 points
On the downside, the companies that dragged the index were:
- Habib Bank Limited (HBL): -39.26 points
- Engro Corporation Limited (ENGRO): -36.33 points
- Millat Tractors Limited (MTL): -30.61 points
- Meezan Bank Limited (MEBL): -26.81 points
- Pakistan Telecommunication Company Limited (PTC): -9.11 points
SECTOR-WISE PERFORMANCE
Sector-wise, the KSE-100 Index was supported by:
- Cement: +146.56 points
- Fertilizer: +139.36 points
- Leather & Tanneries: +62.28 points
- Oil & Gas Marketing Companies: +44.19 points
- Power Generation & Distribution: +40.45 points
On the other hand, the index was weighed down by:
- Automobile Assembler: -37.28 points
- Food & Personal Care Products: -6.34 points
- Property: -4.01 points
- Tobacco: -2.01 points
- Miscellaneous: -1.82 points
BROADER MARKET ANALYSIS
In the broader market, the All-Share Index closed at 50,618.89 points, with a net gain of 303.35 points or 0.60%. The total market volume surged to 804.26 million shares, up from 552.56 million in the previous session, while the traded value increased to Rs16.98 billion, a rise of Rs2.38 billion.
There were 278,046 trades reported across 472 companies, with 260 closing higher, 137 closing lower, and 75 remaining unchanged.
TOP TEN VOLUME LEADERS
- Worldcall Telecom Limited (WTL): +9.17%, 140.91 million shares
- Kohinoor Spinning Mills Limited (KOSM): +6.77%, 91.36 million shares
- Power Cement Limited (POWER): +4.15%, 51.63 million shares
- You Wi Networks Limited (YOUW): -3.23%, 27.77 million shares
- Cnergyico PK Limited (CNERGY): +3.98%, 24.91 million shares
- Pace (Pakistan) Limited (PACE): +12.81%, 21.70 million shares
- Symphony Mills Limited (SYM): +17.45%, 21.56 million shares
- Dawood Hercules Corporation Limited (DCL): +3.86%, 20.73 million shares
- Fauji Cement Company Limited (FCCL): +4.53%, 15.85 million shares
- National Bank of Pakistan (NBP): +4.66%, 12.12 million shares
YEAR-TO-DATE PERFORMANCE
The KSE-100 Index has gained 348 points or 0.44% during the current fiscal year. Meanwhile, the ongoing calendar year has seen a cumulative increase of 16,342 points, equivalent to 26.17%.
PKR
The Pakistani Rupee saw a slight depreciation against the US dollar during Thursday’s interbank session, closing at PKR 278.67 per USD, down by 14.51 paisa (0.05%) from the previous rate of PKR 278.52. In the open market, the dollar was bought at PKR 279.08 and sold at PKR 280.00. The rupee also weakened against major global currencies, including the Euro and British Pound, but gained slightly against others like the Chinese Yuan and U.A.E. Dirham.
Meanwhile, the money market observed a decline in 6-month KIBOR rates, reflecting expectations of monetary easing in Pakistan. On the commodity front, 24-karat gold prices in Pakistan surged to a record high of Rs261,800 per tola, while global gold prices held near $2,500 per ounce, supported by weaker US economic data and speculation of future interest rate cuts by the Federal Reserve.
GOLD
On Thursday, 24-karat gold prices in Pakistan hit a record high of Rs261,800 per tola, rising by Rs800 despite being Rs3,000 below market value. Concurrently, the 10-gram gold price increased to Rs224,451, with 22-karat gold at Rs205,747 per 10-gram. Silver prices remained stable at Rs2,950 per tola. Globally, gold traded near $2,504 an ounce, influenced by US employment data and Federal Reserve indications of potential interest rate cuts, which generally support gold prices. The technical outlook for gold remains bullish, with an anticipated target around $2,550 based on recent trading patterns.
