The Pakistan Stock Exchange (PSX) experienced a remarkable upswing on Monday, as the benchmark KSE-100 Index surged by 338.96 points, closing at 51,070.83.
This increase of 0.67% marked another day of optimism in the country's financial markets.
Throughout the trading session, the KSE-100 Index remained in positive territory, hitting an intraday high of 51,419.87, an impressive rise of 688.00 points.
The intraday low was 50,924.38, which still showcased an upward movement of 192.51 points.
Robust trading volume
The total volume of the KSE-100 Index for the day reached 188.079 million shares, underlining the active participation of investors in the market.
Pakistani rupee's strength
The stronger Pakistani Rupee (PKR) and an improved economic outlook have been pivotal in boosting the local bourse. This positive sentiment is further reinforced by recent economic data.
Current account deficit
In September 2023, the current account deficit shrank significantly, reducing by 95.1% MoM to a mere $8 million, compared to a deficit of $164 million in August 2023. Additionally, on a cumulative basis, the current account deficit in the first quarter of FY24 was recorded at $947 million, representing a substantial improvement of 58.06% YoY when compared to the deficit of $2.26 billion in the same period of the previous fiscal year.
Stock performance highlights
Of the 100 companies listed on the index, 49 registered gains, 36 closed lower, 3 remained unchanged, and 12 did not witness any trading activity.
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Top performers: The KSE-100 Index was led higher by sectors such as Oil & Gas Exploration Companies with 177.55 points, Fertilizer with 75.88 points, Oil & Gas Marketing Companies with 37.79 points, Pharmaceuticals with 28.85 points, and Automobile Parts & Accessories with 21.17 points.
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Companies adding points: Notable companies contributing to the index's gains were Oil & Gas Development Company (OGDC) with 102.97 points, Pakistan Petroleum Limited (PPL) with 52.9 points, Fauji Fertilizer Company (FFC) with 52.09 points, Engro Fertilizers (EFERT) with 46.7 points, and Thal Limited (THALL) with 21.17 points.
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Underperforming sectors: Conversely, sectors like Food & Personal Care Products with a decline of 23.16 points, Technology & Communication with 18.73 points, Engineering with 18.25 points, Refinery with 10.23 points, and Leather & Tanneries with 3.56 points, put downward pressure on the KSE-100 Index.
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Companies dragging index down: Noteworthy decliners included UNITY with 22.03 points, ENGRO with 20.77 points, Systems Limited (SYS) with 14 points, Bank Alfalah (BAFL) with 12.89 points, and United Bank Limited (UBL) with 11.08 points.
Broader market performance
The All-Share index closed at 33,918.97, recording a net gain of 229.95 points. The broader market exhibited robust activity with a total volume of 364.071 million shares, compared to 430.053 million shares from the previous session.
Traded value increased to Rs15.93 billion, up by Rs1.32 billion. In total, 187,776 trades were reported across 350 companies, with 188 closing higher, 145 registering losses, and 17 remaining unchanged.
