PSX in full swing, gains 1,132pts to reach 56,523 points

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KARACHI
Pakistan Stock Exchange (PSX) continued surging to new highs for the fourth straight session and closed above the 56,000 points level for the first time in its history on Monday.
The benchmark KSE-100 Index closed the session at 56,523.58 points with a gain of 1,132.22 points (+2.04 percent). The market is watching the ongoing discussions between the government and the International Monetary Fund (IMF). Regarding fiscal matters, the IMF and Federal Board of Revenue deliberated on implementing structural adjustments in tax collection, including the introduction of taxes on agriculture, real estate, and retail sectors.
Moreover, improved macroeconomic indicators including a decline in the country’s current account deficit, which was reduced to $8 million in September 2023 as compared to the CAD of $360 million in the same month in 2022, and a drop in CPI-based inflation has also propelled the positive sentiment at the bourse.
The prevailing positive sentiment is also attributed to the recent Pakistan Investment Bond (PIB) auction on November 08, where a significant decrease in yields was observed. This development is interpreted by some market participants as an indicator of expectations for an earlier-than-anticipated reduction in interest rates.
Investors are also awaiting the outcome of the imminent review by global index provider Morgan Stanley Capital International (MSCI), scheduled for tomorrow. There is speculation regarding a potential increase in Pakistan’s weight in the global index.
The benchmark index traded in a range of 938.92 points, showing an intraday high of 56,583.59 points and an intraday low of 55,644.67 points. Among other indices, the KSE All Share Index gained 594.98 points (+1.59 percent) to close at 37,389.76 points.
The All-Share Index breached its all-time high in the last session and is presently standing at its highest level. Similarly, the KMI All Share Islamic Index gained 558.68 points (+2.03 percent) to close at 27,562.55 points.
Total volumes traded for the KSE-100 Index decreased by 71.97 million to 300.34 million shares against 372.31 million shares a session earlier. The overall market volumes increased by 19.81 million shares to 660.65 million shares against 640.84 million shares traded a session earlier.
Among scrips, WTL topped the volumes with 100.79 million shares, followed by CNERGY (60.73 million) and HUMNL (32.48 million). Stocks that contributed significantly to the volumes included WTL, CNERGY, HUMNL, PRL, and SEARL, which formed over 36 percent of total volumes.
A total of 382 companies traded shares in the stock exchange against 376 companies a session earlier, out of which shares of 217 closed up, shares of 147 companies closed down while shares of 18 companies remained unchanged. A total of 100 companies traded shares in the KSE-100 Index against 97 a session earlier, out of which share prices of 70 companies closed up, 28 closed down and two remained unchanged.
The number of total trades increased to 239,829 from 228,635 a session earlier, while the value traded increased by Rs1.26 billion to Rs22.41 billion against Rs21.15 billion in the previous session.
In terms of rupee, RMPL remained the top gainer with an increase of Rs594.75 (+7.5 percent) per share, closing at Rs8,524.75. The runner-up remained NESTLE, the share price of which climbed up by Rs547.5 (+7.5 percent) to Rs7,847.5. UPFL remained the top loser with a decrease of Rs1,400 (-5.98 percent) per share, closing at Rs22,000, followed by SFL, the share price of which fell by Rs30 (-2.44 percent) to close at Rs1,200 per share.
The major sectors taking the index towards north remained power generation & distribution (207 points), fertilizer (192 points), commercial banks (184 points), cement (117 points), and automobile assembler (92 points). The major companies adding points to the index remained HUBC (194 points), EFERT (101 points), MTL (95 points), BAHL (81 points), and MCB (79 points).
The sectors taking the index towards south were refinery (8 points), investment banks/ investment companies/ securities companies (6 points), transport and tanneries (4 points each), and automobile parts & accessories (2 points). The major companies depriving the index of points remained MEBL (25 points), UPFL (13 points), KEL (11 points), and OGDC and NATF (7 points each). TLTP