PSX 07-Sep-2023: Dullness prevails

September 7, 2023

On Thursday, the Pakistan stock market experienced some volatility, with the KSE-100 index initially testing the 46,000 level but failing to sustain it, leading to a sharp decline later in the day.

KSE100 ended the session at 45,757.24, marking a decline of 50.34 points or 0.11% compared to the previous day.

On the other side Pakistani Rupee (PKR) gained substantially in the open market, gaining an additional 6 rupees. Over the past few days, the PKR has strengthened significantly, accumulating a remarkable total gain of 27 rupees.

During the trading session, the KSE-100 index fluctuated within a range of 332.28 points, reaching an intraday high of 46,035.81 (+228.23) and a low of 45,703.53 (-104.05) points.

The total volume of the KSE-100 Index was 98.985 million shares. Among the 100 index companies, 33 closed higher, 52 closed lower, 8 remained unchanged, and 7 were not traded.

One notable stock, MLCF, remained in limelight due to its buyback announcement. The company revealed plans to repurchase a maximum of 100 million issued ordinary shares, each with a face value of Rs10, at the current market share price.

The decline in the KSE-100 Index was primarily driven by Cement with 72.97 points, Commercial Banks with 67.9 points, Technology & Communication with 29.37 points, Power Generation & Distribution with 7.44 points, and Automobile Assembler with 6.47 points.

Companies that had a negative impact on the index included LUCK with 47.4 points, UBL with 28.0 points, BAFL with 23.93 points, BAHL with 18.48 points, and SYS with 16.26 points. On the other hand, the KSE-100 index received support from Investment Banks/Investment Companies/Securities Companies with 56.08 points, Oil & Gas Marketing Companies with 49.42 points, Textile Composite with 14.94 points, Oil & Gas Exploration Companies with 14.39 points, and Tobacco with 13.36 points.

Companies that contributed positively to the index were DAWH with 56.63 points, PPL with 24.76 points, PSO with 18.39 points, ILP with 15.63 points, and MEBL with 14.53 points.

The total market volume reached 177.063 million shares compared to 139.711 million from the previous session, with a traded value of 7.58 billion, showing an increase of Rs. 2.77 billion.