Pakistan’s stock market opened the week sluggishly, with the benchmark KSE-100 Index declining by 222.02 points or 0.26% to close at 85,261.38. The downward sentiment was largely driven by the government’s recent decision to terminate power purchase contracts with several Independent Power Producers (IPPs), which weighed heavily on power sector stocks.
Market Overview
The KSE-100 Index traded within a range of 948.91 points, reaching an intraday high of 86,105.02 (+621.62 points) and a low of 85,156.11 (-327.29 points). The total volume for the KSE-100 Index was recorded at 263.52 million shares.
Of the 100 companies listed on the index, 54 saw gains, while 44 closed lower, with one remaining unchanged and another untraded.
Key Performers
Top Losers:
- NCPL: -10.01%
- NPL: -8.65%
- HUBC: -8.04%
- MEHT: -6.90%
- BNWM: -4.57%
Top Gainers:
- ATRL: +10.00%
- ISL: +9.36%
- NRL: +8.82%
- ATLH: +8.30%
- PIBTL: +7.74%
Index Contributions
The decline in the index was primarily attributed to:
- HUBC: -268.10 points
- EFERT: -136.87 points
- OGDC: -60.85 points
- BAHL: -35.44 points
- ENGRO: -30.99 points
Conversely, positive contributions came from:
- FFC: +209.66 points
- NBP: +43.46 points
- ATRL: +42.81 points
- ISL: +29.70 points
- ATLH: +24.85 points
Sector Performance
The KSE-100 Index was negatively impacted by:
- Power Generation & Distribution: -293.69 points
- Oil & Gas Exploration Companies: -96.99 points
- Food & Personal Care Products: -25.94 points
- Textile Composite: -22.33 points
- Cement: -19.79 points
On the upside, sectors providing support included:
- Refinery: +60.94 points
- Fertilizer: +58.69 points
- Engineering: +52.11 points
- Commercial Banks: +34.93 points
- Real Estate Investment Trust: +18.90 points
Broader Market Snapshot
The All-Share Index closed at 54,575.33, experiencing a net loss of 38.12 points or 0.07%. The total market volume decreased to 477.64 million shares, down from 560.74 million in the previous session, with a traded value of Rs23.47 billion, reflecting a decrease of Rs2.65 billion.
In total, there were 256,386 trades reported across 443 companies, with 205 closing up, 180 closing down, and 58 remaining unchanged.
Year-to-Date Performance
So far in the fiscal year, the KSE-100 has gained 6,816 points, or 8.69%. In the ongoing calendar year, the index has witnessed a cumulative increase of 22,810 points, equivalent to 36.53%.
In summary, the stock market’s performance reflects a cautious sentiment among investors amid power sector uncertainties and mixed earnings reports, signaling a need for strategic adjustments in the coming sessions.
PAKISTAN MARKETS NEWS
Currency and Gold Prices Update – October 14, 2024
Pakistani Rupee Performance: In the interbank session on Monday, the Pakistani rupee (PKR) depreciated by 2.27 paisa, or 0.01%, against the US dollar. The exchange rate settled at PKR 277.66 per USD, compared to the previous closing of PKR 277.64. During the trading day, the rupee experienced an intraday high bid of PKR 277.75 and a low ask of PKR 277.50.
Gold Prices: On the same day, the price of 24-karat gold per tola in Pakistan increased by Rs. 200, reaching Rs. 275,700, up from Rs. 275,500 the previous trading day. The price of 10 grams of 24-karat gold also rose by Rs. 171, climbing to Rs. 236,368 from Rs. 236,197. Additionally, the price of 10-gram 22-karat gold increased to Rs. 216,671, up from Rs. 215,256, according to the All Sindh Sarafa Jewellers Association.
Summary:
- PKR Exchange Rate: 1 USD = PKR 277.66
- Gold Prices:
- 24K Gold (per tola): Rs. 275,700
- 10g 24K Gold: Rs. 236,368
- 10g 22K Gold: Rs. 216,671
This slight depreciation of the rupee and the increase in gold prices reflect ongoing economic dynamics and market sentiments.
