The Pakistan Stock Exchange (PSX) continued its upward trajectory for the third consecutive session, surpassing its previous all-time high as robust buying activity prevailed in the market.

The benchmark KSE-100 index concluded the day at a new pinnacle of 68,416.78, marking a noteworthy increase of 660.75 points or 0.98% day-on-day (DoD).

PSX CLOSING SUMMARY
As of Apr 4, 2024 2:15 PM
HIGH68,439.37
LOW67,912.35
VOLUME201,068,800
1-YEAR CHANGE72.39%
YTD CHANGE5.81%
PREVIOUS CLOSE67,756.03
DAY RANGE67,912.35 — 68,439.37
52-WEEK RANGE39,482.17 — 68,439.37
Additional Data68,416.78 660.75 (0.98%)

 

Throughout the trading session, the index exhibited positive momentum, reaching an intraday high of 68,439.37 (+683.34 points) and a low of 67,912.35 (+156.32 points).

The total volume of shares traded in the KSE-100 index amounted to 201.069 million.

In a significant development, Prime Minister Shehbaz Sharif announced that Pakistan is set to receive the final loan tranche worth approximately $1.1 billion from the International Monetary Fund (IMF) this month. Additionally, Finance Minister Muhammad Aurangzeb is scheduled to hold discussions with IMF officials to negotiate the terms of a new program, anticipated to entail stringent conditions.

Of the 100 index companies, 66 witnessed gains, 25 recorded losses, while 5 remained unchanged, with 4 stocks remaining untraded.

Furthermore, the Oil & Gas Exploration sector experienced a significant development with reports indicating that Saudi Arabia is poised to acquire shares in Pakistan’s leading energy firms, Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL). Additionally, Saudi Arabia is expected to inject a substantial investment, estimated at around $1 billion, into Pakistan’s Reko Diq project, highlighting its commitment to strategic investments in Pakistan’s projects.

SECTORS

The surge in the KSE-100 index was bolstered by the performance of various sectors, notably Commercial Banks (+208.05 points), Oil & Gas Exploration Companies (+134.52 points), Pharmaceuticals (+106.66 points), Investment Banks / Investment Companies / Securities Companies (+56.91 points), and Fertilizers (+45.12 points).

On the flip side, the index experienced downward pressure from sectors such as Cement (-82.53 points), Engineering (-5.58 points), Miscellaneous (-4.81 points), Vanaspati & Allied Industries (-0.15 points), and Modarabas (0 points).

Contributing positively to the index were MEBL (+69.53 points), OGDC (+63.36 points), DAWH (+56.61 points), SYS (+47.19 points), and PPL (+43.74 points).

Conversely, companies that weighed down the index included LUCK (-20.77 points), MLCF (-19.28 points), CHCC (-16.06 points), PIOC (-12.81 points), and FFC (-8.29 points).

In the broader market, the All-Share index concluded at 45,036.46, marking a net gain of 444.96 points.

The total market volume stood at 388.752 million shares, indicating an increase compared to the previous session, while the traded value amounted to Rs17.88 billion, reflecting a notable rise of Rs5.98 billion.

During the trading session, there were 181,878 trades reported across 331 companies, with 202 stocks closing higher, 107 closing lower, and 22 remaining unchanged.

Top ten companies by volume included PIAA, CNERGY, PPL, PRL, SEARL, PTC, KEL, WTL, TELE, and PAKRI.

It’s noteworthy that the KSE-100 index has witnessed a remarkable gain of 26,964 points or 65.05% during the fiscal year, while the ongoing calendar year has seen a cumulative increase of 5,966 points, equivalent to 9.55%.

MARKET NOISE

Pakistan International Airlines Corp (PSX: PIAA) issued a categorical clarification on Thursday, firmly denying any assertions regarding the shifting of loans and clearance of debts at the current juncture.

WAFI Energy LLC has led to the emergence of a new foreign entity named “Wafi Energy Holding Limited” to spearhead the acquisition of 77.42% shares of Shell Pakistan Limited (PSX: SHEL), with Asyad Holding acting in concert.

Engro Energy Limited (EEL) has recently finalized definitive agreements with Liberty Power Holding (Pvt.) Limited and other allied entities for the divestment of its entire shareholding in Engro Powergen Qadirpur Limited, Engro Powergen Thar (Private) Limited, and Sindh Engro Coal Mining Company Limited.

Today, Pak Elektron Limited (PSX: PAEL) disclosed in a filing on the Pakistan Stock Exchange (PSX) that its Board of Directors has greenlit the establishment of a wholly owned foreign subsidiary in the United Arab Emirates (UAE), contingent upon obtaining all necessary regulatory approvals.

Gold prices (XAU/USD) retreated from a recent record high reached earlier on Thursday, remaining subdued below the $2,300 threshold during the first half of the European trading session.

After a five-day surge, oil prices remained stable on Thursday. This was due to growing Middle East tensions, continuous supply concerns from major suppliers who are maintaining output restrictions, and strong demand signals in the US.

Saudi Arabia is set to buy shares in Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company Limited (OGDCL), two of the country’s biggest energy companies, in a major move to strengthen Pakistan’s energy industry and strengthen economic ties. Additionally, the Reko Diq project in Pakistan—one of the largest undeveloped copper and gold reserves in the world—is reportedly going to receive a $1 billion injection from Saudi Arabia.

 

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