KSE-100 bounces back, gaining 926.92 points

WEB DESK: In a remarkable display of resilience, the benchmark KSE-100 index surged for a second consecutive day, recording a substantial gain of 926.92 points, or 1.51 per cent.

The index closed the session at an impressive 62,153.84, effectively trimming the post-election losses to 1,990 points, or 3.1 per cent.

This positive momentum is attributed to growing clarity on the political front, providing investors with renewed confidence in the market.

Throughout the trading day, the index remained in positive territory, reaching an intraday high of 62,432.26, a gain of 1,205.33 points, and a low of 61,635.62, an increase of 408.69 points.

 

The total volume of the KSE-100 index reached 179.31 million shares, highlighting robust market activity.

Notably, the market exhibited a strong bullish bias, with 83 companies closing higher while only 8 recorded losses. Four companies remained unchanged, and five were untraded.

Yesterday’s downturn, which saw the index briefly fall below the crucial 60,000 level, was swiftly reversed by a robust buying spree, propelling it back above 61,000 by the session’s end.

Key contributors to the KSE-100 index’s upward trajectory were the Oil & Gas Exploration Companies with 135.37 points, Fertiliser with 122.68 points, Oil & Gas Marketing Companies with 114.86 points, Commercial Banks with 112.13 points, and Technology & Communication with 79.05 points.

Conversely, sectors that restrained the index included Modarabas, Synthetic & Rayon, Tobacco, Woollen, and Vanaspati & Allied Industries.

Individual companies that played a pivotal role in lifting the index were PPL with 124.01 points, ENGRO with 63.2 points, EFERT with 58.15 points, SYS with 52.18 points, and PSO with 46.36 points.

On the flip side, companies like OGDC, HUBC, MEBL, FFC, and DGKC exerted downward pressure.

In the broader market, the All-Share index closed at 41,876.85, posting a net gain of 586.05 points.

The total market volume stood at 303.886 million shares, with a traded value of Rs14.69 billion, indicating a decrease of Rs1.29 billion from the previous session.

A total of 164,317 trades were reported in 340 companies, with 266 closing higher, 55 closing lower, and 19 remaining unchanged. It’s worth noting that the KSE-100 has witnessed a substantial gain of 20,701 points, or 49.94 per cent, during the fiscal year.

However, the ongoing calendar year has seen a cumulative decrease of -297 points, equivalent to -0.48 per cent.

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