KARACHI
\nPakistan Stock Exchange (PSX) set another record on Friday when its benchmark KSE-100 Index closed above 73,000 for the first time in history, gaining 427.45 points (0.59 percent) to close at 73,085.50 points.
\nThe market opened on a positive note, breaching the 73,000 points level. It took a minor dip below 73,000 points for a few minutes and then the index remained above the 73,000 points for the entire session amid a buying spree. The index remained positive throughout the session. The index has surged 77.93 percent over the past year and is up 13.03 percent year-to-date.
\nMarket gurus attributed the buying to improved economic indicators, as Pakistan\u2019s foreign exchange reserves and remittances improved. Workers\u2019 remittances increased by 27.9 percent year-on-year in April to $2.81 billion, compared to $2.2 billion in the same month of last year. In the same way, foreign exchange reserves held by the SBP significantly increased by $1.114 billion on a weekly basis, clocking in at $9.12 billion as of May 3. This brings the SBP-held reserves to a nearly two-year high, as the dollar stockpile was last recorded above $9 billion back on July 15, 2022.
\nMoreover, the market anticipates a cut in the policy rate in the upcoming Monetary Policy Committee (MPC) meeting on June 10 amid a decline in the inflation rate. The Sensitive Price Indicator (SPI) for the combined group decreased by 1.39 percent for the fourth time in a row during the week ended May 09, 2024, while the SPI rose 22.32 percent year-on-year compared to the corresponding period of the last year.
\nThe benchmark index traded in a range of 572.54 points, showing an intraday high of 73,449.37 points and an intraday low of 72,876.83 points. Among other indices, the KSE All Share Index gained 274.33 points (0.58 percent) to close at 47,546.54 points. Similarly, the KMI All Share Islamic Index gained 248.73 points (0.73 percent) to close at 34,068.04 points.
\nTotal volumes traded for the KSE-100 Index remained 321.31 million shares, while the overall market volumes remained 741.2 million shares. Among scrips, WTL topped the volumes with 85.72 million shares, followed by HUMNL (51.46 million) and PAEL (33.65 million). Stocks that contributed significantly to the volumes included WTL, HUMNL, PAEL, FCCL, and HASCOL, which formed over 30 percent of total volumes.
\nA total of 381 companies traded shares in the stock exchange, out of which shares of 217 closed up, shares of 132 companies closed down while shares of 32 companies remained unchanged. A total of 99 companies traded shares in the KSE-100 Index, out of which share prices of 70 companies closed up and of 29 companies closed down. The number of total trades remained 281,543, while the value traded was recorded at Rs25.27 billion.
\nIn terms of rupee, HPL remained the top gainer with an increase of Rs94.71 (+7.02 percent) per share, closing at Rs1,444.71. The runner-up remained BHAT, the share price of which climbed up by Rs74.75 (+7.5 percent) to Rs1,071.36. UPFL remained the top loser with a decrease of Rs99.98 (-0.52 percent) per share, closing at Rs19,090.62, followed by HCL, the share price of which fell by Rs58.18 (-7.5 percent) to close at Rs717.54 per share.
\nThe major sectors taking the index towards north remained cement (234 points), textile composite (54 points), oil & gas marketing companies (44 points), pharmaceuticals (34 points), power generation and distribution, chemicals and engineering (31 points each), technology and communication (29 points), miscellaneous (27 points) and oil & gas exploration companies (26 points).
\nMajor companies adding points to the index remained LUCK (74 points), DGKC (44 points), POL (42 points), PIOC (40 points), ILP (34 points), FFC (32 points), MLCF (28 points), FCCL (27 points), HINOON (26 points), and PSO (24 points).
\nThe major sectors taking the index towards south remained fertilizer (93 points), commercial banks (34 points), investment banks\/investment companies\/ securities companies (33 points), automobile parts and accessories (9 points), and food and personal care products and refinery (3 points each).
\nMajor companies depriving the index of points remained ENGRO (67 points), EFERT (65 points), DAWH (44 points), MARI (40 points), BAFL (28 points), HBL (10 points), THALL (9 points), KAPCO (7 points), SCBPL (6 points), and UBL (5 points).<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistan Stock Exchange (PSX) set another record on Friday when its benchmark KSE-100 Index closed above 73,000 for the first time in history, gaining 427.45 points (0.59 percent) to close at 73,085.50 points. The market opened on a positive note, breaching the 73,000 points level. It took a minor dip below 73,000 points for […]<\/p>\n","protected":false},"author":2,"featured_media":352583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-406186","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n