Bulls maintained their momentum at the Pakistan Stock Exchange (PSX) on Wednesday, pushing the benchmark KSE-100 index above the 80,000 level. The KSE-100 Index closed at an all-time high of 80,233.67, up 680.79 points or 0.86% from the previous session.
- Intraday Range:
The index traded in a range of 707.98 points, showing an intraday high of 80,405.23 (+852.35) and a low of 79,697.25 (+144.37) points. - Total Volume:
The total volume of the KSE-100 Index was 280.09 million shares. - Market Breadth:
Of the 100 index companies, 65 closed up, 31 closed down, while 4 remained unchanged.
IMF BAILOUT EXPECTATIONS
Pakistan is looking to clinch a staff-level agreement on an International Monetary Fund (IMF) bailout of more than $6 billion this month after addressing all of the lender’s requirements in its annual budget, Reuters reported, citing Pakistan’s junior finance minister.
SECTOR PERFORMANCE
The KSE-100 index was supported by the following sectors:
- Commercial Banks: +274.44 points
- Oil & Gas Exploration Companies: +161.35 points
- Power Generation & Distribution: +87.90 points
- Cement: +87.45 points
- Oil & Gas Marketing Companies: +68.34 points
Conversely, the index was dragged down by:
- Fertilizer: -102.98 points
- Tobacco: -32.38 points
- Engineering: -29.42 points
- Automobile Assembler: -12.75 points
- Automobile Parts & Accessories: -6.91 points
TOP CONTRIBUTORS
Companies that added the most points to the index:
- HBL: +121.23 points
- POL: +88.86 points
- HUBC: +85.79 points
- NBP: +46.85 points
- SYS: +46.23 points
Companies that dragged the index lower:
- FFC: -56.14 points
- EFERT: -41.89 points
- PAKT: -32.38 points
- FABL: -17.03 points
- INIL: -14.87 points
BROAD MARKET PERFORMANCE
In the broader market, the All-Share index closed at 50,771.44 with a net gain of 364.20 points or 0.72%.
- Total Market Volume:
536.58 million shares compared to 413.15 million from the previous session. - Traded Value:
Rs22.72 billion, showing an increase of Rs6.13 billion. - Market Breadth:
There were 257,208 trades reported in 447 companies, with 256 closing up, 135 closing down, and 56 remaining unchanged.
PRIVATIZATION OF PIA
In a recent development, the Privatization Commission (PC) has set the deadline for the privatization process of Pakistan International Airlines (PSX: PIAHCLA) for August 2024. Its shares have jumped 29.5% in the past three trading sessions.
TOP TEN BY VOLUME
- PAEL: 34,586,757 shares
- BOP: 31,468,760 shares
- NBP: 21,224,492 shares
- AKDSL: 15,086,401 shares
- KEL: 13,995,944 shares
- WTL: 13,490,029 shares
- FFBL: 13,222,352 shares
- AKBL: 13,043,489 shares
- UNITY: 12,900,547 shares
- HUMNL: 12,601,867 shares
