PSX SUMMARY: Pakistan’s stock market experienced a rebound on Tuesday, primarily driven by gains in heavyweight stocks such as Hub Power and Mari Petroleum. The KSE-100 Index closed the trading session at 81,804.59, reflecting an increase of 690.39 points or 0.85%. Moreover, the fuel prices also dropped in Pakistan
KEY HIGHLIGHTS
- Market Performance: The KSE-100 Index maintained a positive trajectory throughout the day, reaching an intraday high of 81,980.36 (+866.16) and a low of 81,119.24 (+5.04). The total trading volume was 191.15 million shares, with 67 companies closing higher, 29 lower, and 4 remaining unchanged.
- Hub Power’s Announcement: Hub Power held its annual general meeting where it dismissed recent media speculation about ongoing negotiations with the government concerning Independent Power Producers (IPPs). The company clarified that options exist for decommissioned power plants, such as selling or repurposing them.
- Inflation Update: Pakistan’s inflation rate slowed to 6.9% in September, the lowest in nearly four years and below market expectations of 7.5%. This figure falls within the central bank’s target range of 5-7%.
MARKET MOVERS
- Top Gainers:
- KOSM (+6.41%)
- HUBC (+5.98%)
- NCPL (+5.96%)
- FCCL (+5.30%)
- MARI (+5.30%)
- Top Losers:
- EFUG (-6.56%)
- EPCL (-4.34%)
- BAFL (-3.74%)
- FHAM (-3.70%)
- NBP (-1.73%)
INDEX CONTRIBUTIONS
- Positive Contributions:
- HUBC (+221.53 pts)
- MARI (+173.01 pts)
- OGDC (+53.98 pts)
- BAHL (+46.71 pts)
- PPL (+37.77 pts)
- Negative Contributions:
- BAFL (-51.45 pts)
- HBL (-39.35 pts)
- POL (-31.36 pts)
- UBL (-29.87 pts)
- MEBL (-17.59 pts)
SECTOR PERFORMANCE
The KSE-100 Index was bolstered by gains in the following sectors:
- Power Generation & Distribution (+244.45 pts)
- Oil & Gas Exploration Companies (+233.40 pts)
- Cement (+108.23 pts)
- Leather & Tanneries (+35.70 pts)
- Pharmaceuticals (+33.80 pts)
However, it faced headwinds from:
- Commercial Banks (-100.78 pts)
- Chemical (-7.62 pts)
- Miscellaneous (-5.83 pts)
- Insurance (-2.37 pts)
- Modarabas (-2.01 pts)
BROADER MARKET INSIGHTS
The All-Share Index concluded at 52,266.56, marking a net gain of 452.33 points or 0.87%. Total market volume reached 359.08 million shares, up from 297.99 million in the previous session, with a traded value of Rs17.16 billion (an increase of Rs3.06 billion). A total of 203,081 trades were reported across 435 companies, with 242 closing up, 138down, and 55 unchanged.
YEAR-TO-DATE PERFORMANCE
The KSE-100 Index has seen substantial gains this fiscal year, climbing 3,360 points or 4.28%. In the ongoing calendar year, it has surged by 19,354 points, equating to a 30.99% increase, showcasing the market’s strong performance amidst changing economic conditions.
PAKISTAN MARKETS SUMMARY
On Tuesday, gold prices in Pakistan continued to decline, mirroring a drop in international rates. The price per tola decreased by Rs600 to Rs274,900, while the price for 10 grams fell by Rs515 to Rs235,682.
In the international market, gold (XAU/USD) showed slight recovery, trading in the $2,640s per troy ounce. This recovery follows increased geopolitical tensions due to the Israeli army’s ground invasion of Lebanon, which has driven safe-haven demand for gold. The previous week’s gains from China’s stimulus program, which briefly boosted capital into property and rallied Chinese equity markets, have subsided, allowing gold to regain some value.
