PSX closes on positive note with KSE-100 up nearly 800 points

KARACHI: The Pakistan Stock Exchange (PSX) began the week on a positive note, with the benchmark KSE-100 Index recording a gain of over 1 per cent as investors anticipated the upcoming monetary policy meeting.

On Monday, the KSE-100 Index closed at 78,827.74, up by 798.24 points or 1.02 per cent. The index fluctuated between a high of 79,055.99 and a low of 78,016.29, spanning a total range of 1,039.70 points. Trading volume for the day was 135.18 million shares.

This positive performance follows a significant drop of 2,088 points, or 2.6 per cent, recorded last week.

In a notable development, Fitch Ratings has upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘CCC’ to ‘CCC+’. This upgrade reflects the country’s improved fiscal position and foreign exchange reserves, bolstered by previous temporary IMF arrangements, and suggests potential for further financial improvements.

Among the 100 companies listed on the index, 71 saw gains, 26 experienced losses, and 3 remained unchanged.

Top gainers included MUREB (+8.58 per cent), SEARL (+6.49 per cent), AVN (+4.74 per cent), POL (+4.62 per cent), and KAPCO (+4.47 per cent). Conversely, the biggest losers were KTML (-6.13 per cent), PGLC (-3.59 per cent), KOHC (-2.35 per cent), BNWM (-1.77 per cent), and THALL (-1.45 per cent).

The index saw substantial contributions from UBL (+122.14 points), FFC (+116.73 points), POL (+104.36 points), OGDC (+74.54 points), and MCB (+33.61 points). Meanwhile, HUBC (-52.04 points), ENGRO (-17.07 points), HBL (-15.04 points), BAFL (-14.38 points), and KOHC (-11.48 points) had a dampening effect on the index.

Sector-wise, the KSE-100 Index benefited from gains in Commercial Banks (+216.77 points), Oil & Gas Exploration (+200.05 points), Fertiliser (+127.78 points), Cement (+80.90 points), and Pharmaceuticals (+64.70 points).

However, the index was weighed down by declines in Power Generation & Distribution (-19.47 points), Automobile Parts & Accessories (-7.49 points), Miscellaneous (-5.14 points), Oil & Gas Marketing Companies (-1.63 points), and Property (-1.27 points).

Read next: Fitch Ratings upgrades Pakistan’s credit rating to ‘CCC+’