The Pakistan stock market (PSX) kicked off on a bullish note following the International Monetary Fund’s (IMF) approval of the second loan tranche, injecting $700 million. Despite the initial optimism, profit-locking behavior among investors in the latter half of the session erased earlier gains, leaving the benchmark KSE-100 index flat at 64,637.64, with a marginal gain of 20.07 points or 0.03% day-on-day.

During the session, the index fluctuated within a range of 865.77 points, reaching an intraday high of 65,356.85 (+739.28) and a low of 64,491.08 (-126.49) points. The total volume of the KSE-100 index reached 402.906 million shares.

KSE100 PAKISTAN STOCK MARKET SUMMARY 2024-01-12 at 8.40.06 PM

The Pakistan stock market kicked off on a bullish note following the International Monetary Fund’s approval of the second loan tranche, injecting $700 million. Despite the initial optimism, profit-locking behavior among investors in the latter half of the session erased earlier gains, leaving the benchmark KSE-100 index flat at 64,637.64, with a marginal gain of 20.07 points or 0.03% day-on-day.

During the session, the index fluctuated within a range of 865.77 points, reaching an intraday high of 65,356.85 (+739.28) and a low of 64,491.08 (-126.49) points. The total volume of the KSE-100 index reached 402.906 million shares.

The IMF’s approval is expected to cover external financing gaps until FY24, addressing a significant $1 billion dollar-denominated debt due in April. However, Caretaker Federal Finance Minister Shamshad Akhtar emphasized the potential need for another IMF loan to sustain the economy.

Despite the stock market volatility, the Pakistani Rupee (PKR) marked its ninth weekly win against the US Dollar due to increased liquidity in the foreign exchange market, a shrinking money supply, a balance of payments surplus, and a moratorium on Chinese debt repayments.

MARKET PERFOMANCE KSE-100

In terms of market performance, advancers equaled decliners, with 41 companies closing up and 52 closing down, while 2 remained unchanged and 5 were untraded.

Supporting the KSE-100 index were Commercial Banks, Oil & Gas Exploration Companies, Fertilizer, Transport, and Synthetic & Rayon, contributing points to the positive side. On the downside, Power Generation & Distribution, Cement, Technology & Communication, Chemical, and Leather & Tanneries weighed on the index.

TOP CONTRIBUTING SECTORS PAKISTAN STOCK MARKET PSX KSE100 2024-01-12 at 8.41.17 PM
TOP CONTRIBUTING SECTORS PAKISTAN STOCK MARKET PSX KSE100 2024-01-12 at 8.41.17 PM

Companies contributing positively included MARI, EFERT, PPL, MEBL, and BAHL, while those dragging the index lower were HUBC, TRG, SRVI, LOTCHEM, and FFC.

TOP CONTRIBUTING COMPANIES PAKISTAN STOCK MARKET PSX KSE100 2024-01-12 at 8.41.38 PM
TOP CONTRIBUTING COMPANIES PAKISTAN STOCK MARKET PSX KSE100 2024-01-12 at 8.41.38 PM

In the broader market, the All-Share index closed at 43,740.13 with a net gain of 29.45 points. Total market volume reached 643.308 million shares, an increase from the previous session, and the traded value recorded at Rs20.02 billion.

There were 211,667 trades reported in 363 companies, with 135 closing up, 216 closing down, and 12 remaining unchanged.

In terms of volume, the top ten companies were KEL, PIBTL, WTL, PIAA, PPL, PTC, JSBL, HASCOL, CNERGY, and TREET.

Notably, the KSE-100 has witnessed a substantial gain of 23,185 points or 55.93% during the fiscal year, with the ongoing calendar year showing a cumulative increase of 2,187 points, equivalent to 3.5%.

PAKISTANI RUPEE

Meanwhile, as of January 5, the foreign exchange reserves held by the State Bank of Pakistan stand at $8.15 billion and are poised for an impending boost.

 

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