PSX SUMMARY: Pakistan’s stock market opened strongly on Wednesday, continuing its record-breaking rally, but profit-taking towards the end of the session led to a largely flat close. The benchmark KSE-100 Index ended at 85,669.27, with a marginal increase of 5.30 points or 0.01%.
Throughout the day, the index fluctuated within a range of 1,007.12 points, hitting an intraday high of 86,451.42 (+787.45 points) and a low of 85,444.30 (-219.67 points). Brokerage house Ismail Iqbal Securities noted that gains were trimmed due to profit-taking activity.
Market Performance:
- Total Volume: 349.29 million shares.
- Advancers: 47
- Decliners: 52
- Unchanged: 1
Top Gainers:
- LCI (+10.00%)
- PTC (+9.54%)
- BOP (+7.46%)
- NRL (+6.61%)
- KEL (+5.57%)
Top Losers:
- SCBPL (-2.86%)
- TGL (-2.85%)
- SNGP (-2.57%)
- POL (-2.51%)
- ILP (-2.32%)
In terms of index point contributions, MCB (+98.37 points), LCI (+50.83 points), BAHL (+49.44 points), HUBC (+46.84 points), and HBL (+46.70 points) propped up the index. On the downside, FFC (-79.72 points), EFERT (-69.81 points), POL (-65.12 points), OGDC (-47.62 points), and LUCK (-43.64 points) dragged the index lower.
Sector Performance:
- Support: Commercial Banks (+267.87 points), Power Generation & Distribution (+85.08 points), Chemical (+49.47 points), Refinery (+26.96 points), and Technology & Communication (+23.08 points).
- Drag: Oil & Gas Exploration Companies (-178.00 points), Fertilizer (-169.82 points), Cement (-63.73 points), Food & Personal Care Products (-17.99 points), and Textile Composite (-17.87 points).
Broader Market: The All-Share Index closed at 54,616.54, gaining 131.21 points or 0.24%. Total market volume increased to 596.05 million shares, up from 506.57 million in the previous session, with a traded value of Rs31.34 billion, down by Rs1.71 billion.
Out of 448 companies, 208 closed up, 172 down, and 68 remained unchanged. A total of 279,318 trades were reported during the session.
Top Ten by Volume:
- KEL – 3.98 (+5.57%), 55.8 million shares
- HUBC – 113.42 (+1.34%), 39.7 million shares
- PTC – 13.20 (+9.54%), 32.2 million shares
- BOP – 5.62 (+7.46%), 27.4 million shares
- WTL – 1.20 (0.00%), 26.6 million shares
- KOSM – 8.53 (+2.65%), 23.0 million shares
- PRL – 24.81 (+5.26%), 19.0 million shares
- FCSC – 2.32 (-0.43%), 18.3 million shares
- CNERGY – 3.86 (+3.21%), 17.8 million shares
- PIAHCLA – 18.50 (+8.38%), 16.0 million shares
Year-to-Date Performance: The KSE-100 Index has gained 7,224 points, or 9.21%, during the current fiscal year. Meanwhile, the calendar year has witnessed a significant increase of 23,218 points, equivalent to 37.18%.
The market continues to be volatile, with profit-taking balancing strong early momentum.
PAKISTAN MARKETS SUMMARY
The Pakistani Rupee (PKR) experienced a slight depreciation of 5.01 paisa, or 0.02%, against the US Dollar during Wednesday’s interbank session. The currency closed at PKR 277.72 per USD, compared to the previous day’s close of PKR 277.67. Throughout the session, the rupee fluctuated between an intraday high of PKR 277.80 and a low of PKR 277.70, reflecting a relatively stable yet weakening trend against the Greenback.
Meanwhile, gold prices in Pakistan witnessed a notable decline, with 24-karat gold being sold at Rs271,700 per tola, a drop of Rs3,000. This decline mirrors easing international gold prices, as spot gold traded near $2,619 per ounce, down by $3.2 or 0.12% from the previous session.
Gold (XAU/USD) has now extended its losing streak for the sixth consecutive day, pressured by the ongoing strength of the US Dollar. The US Dollar Index (DXY), which measures the Greenback’s performance against six major currencies, rose near 102.70, making gold a more expensive investment for international buyers. The precious metal’s decline also comes as traders reduce expectations of a larger Federal Reserve interest rate cut in November, given stronger-than-expected US economic data.
Investors remain cautious as fluctuations in both the currency and gold markets are likely to continue, driven by macroeconomic trends and international developments.
