PSX SUMMARY: PSX On Wednesday, the Pakistani stock market saw a notable surge, with the benchmark KSE-100 Index closing at 80,461.33, up by 970.20 points or 1.22%. The market remained positive throughout the trading session, with an intraday high of 80,587.44 (+1,096.31 points) and a low of 79,798.75 (+307.62 points).
POSITIVE ECONOMIC DATA DRIVES MARKET
Key economic reports contributed to the bullish sentiment. Pakistan recorded a current account surplus of $75 million after three consecutive monthly deficits. Additionally, the country attracted $214 million in Foreign Direct Investment (FDI) in August, marking a 50.7% increase compared to the same period last year. The Roshan Digital Accounts (RDA) also contributed $165 million to the economy in the same month.
MARKET ACTIVITY AND SECTOR PERFORMANCE
The total volume of shares traded on the KSE-100 Index was 148.58 million. Among the 100 index companies, 58 closed higher, 37 closed lower, and 5 remained unchanged. Top gainers included TRG (+10.01%), MARI (+10.00%), and NCPL (+4.33%), while top losers were INIL (-4.09%), THALL (-3.86%), and PGLC (-3.85%).
Companies that contributed positively to the index included MARI (+321.92 points), EFERT (+127.65 points), and UBL (+90.60 points). Conversely, BAHL (-31.35 points), THALL (-18.94 points), and COLG (-15.04 points) were among those that dragged the index lower.
Sector-wise, the KSE-100 Index saw support from Oil & Gas Exploration Companies (+407.01 points), Fertilizer (+207.78 points), and Commercial Banks (+178.13 points). However, the index faced setbacks from sectors such as Engineering (-25.97 points), Food & Personal Care Products (-22.57 points), and Automobile Parts & Accessories (-18.94 points).
BROAD MARKET PERFORMANCE
The All-Share Index closed at 51,675.01, reflecting a net gain of 431.96 points or 0.84%. The total market volume was 400.20 million shares, with a traded value of Rs15.90 billion, up by Rs6.99 billion from the previous session. There were 216,036 trades reported in 438 companies, with 186 closing up, 198 closing down, and 54 remaining unchanged.
TOP VOLUME STOCKS
- WTL: Rs.1.36, -2.16%, 32,229,775 shares
- TRG: Rs.59.9, +10.01%, 22,086,988 shares
- PACE: Rs.6.94, -0.29%, 19,649,769 shares
- LOADS: Rs.11.31, +10.02%, 12,342,695 shares
- FCSC: Rs.2.63, +0.38%, 11,951,196 shares
YEAR-TO-DATE PERFORMANCE
The KSE-100 Index has gained 2,016 points or 2.57% during the fiscal year, and a cumulative increase of 18,010 points or 28.84% for the ongoing calendar year.
PAKISTAN MARKET SUMMARY
- Pakistan: The per tola price of 24 karat gold decreased by Rs.300 to Rs.267,700, and the price for 10 grams fell by Rs.257 to Rs.229,510. The price of 10 grams of 22 karat gold dropped to Rs.210,384.
- International: Gold prices fell by $18 to $2,569 from $2,587.
Market Context:
- Gold (XAU/USD): Trading in the $2,570s ahead of the Federal Reserve’s policy meeting. A record high of $2,589 was hit earlier, driven by expectations of a potential 0.50% rate cut by the Fed.
- Retail Sales Impact: Gold pulled back after US Retail Sales data showed a smaller increase than expected.
Futures Markets:
- Indicate a 61% probability of a 0.50% rate cut by the Fed. The Fed’s decision and the Summary of Economic Projections (SEP) will be key for future gold price movements.
Technical Analysis:
- Gold has pulled back to $2,570-$2,560 but remains in a bullish trend. Key support levels are at $2,550, $2,544, and $2,530, with potential targets around $2,600.
Currency and Economic Data:
- Pakistani Rupee (PKR): Appreciated by 8.47 paisa to PKR 278.04 per USD in interbank trading. The PKR strengthened against several major currencies.
- Current Account Surplus: Pakistan recorded a $75 million surplus, reversing previous deficits.
- FDI: Increased by 50.7% to $214 million in August.
- REER Index: Decreased to 100.16 in August, but has increased by 11.24% from August 2023.
- NEER Index: Fell to 38.15, but is up by 3.9% year-on-year.
Money Market:
- Karachi Interbank Rates: Benchmark 6-month rates decreased by 5 basis points, standing at 16.77% and 17.02%.
This summary highlights the recent trends and updates in gold prices, currency performance, and economic indicators in Pakistan.
