Karachi, August 9, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) witnessed a robust gain of 695 points on Friday, closing at 78,569 points. The KSE-100 index moved upward from the previous day’s closing of 77,874 points, reflecting a positive trading environment throughout the session.
Analysts at Topline Securities Limited attributed the day’s gains to a generally positive sentiment in the market, with the KSE-100 index rising by 0.89%. Major contributors to this bullish performance included MARI, UBL, MCB, SYS, and MEBL, which collectively added 566 points to the KSE-100 index.
Trading activity was brisk, with a total volume of 418 million shares changing hands, and the trading value reaching Rs 20.6 billion. KOSM emerged as the volume leader, recording a substantial 64.4 million shares traded.
The weekly performance of the KSE-100 index also saw a modest gain of 0.44% on a Week-on-Week (WoW) basis. The week began on a subdued note but showed signs of recovery towards the end, largely driven by MARI’s impressive FY24 results.
MARI’s financial performance was a highlight of the week, as the company reported its highest-ever profit of Rs 77 billion for FY24. This remarkable result was accompanied by a final cash dividend of Rs 134 per share, bringing the cumulative FY24 dividend to Rs 232 per share. Additionally, a surprise 800% bonus issue further piqued investor interest, significantly boosting the company’s stock and contributing to the overall positivity in the market.
Other key developments during the week included the T-Bill auction, where yields declined by 50 to 54 basis points, signaling easing pressure on the government’s borrowing costs. Moreover, remittances for July 2024 were reported at $2.99 billion, up from $2.03 billion in June 2024, adding to the positive sentiment.
The average daily traded volume and value for the week stood at 492 million shares and Rs 20.6 billion, respectively. This consistent trading activity reflects the market’s resilience and investor confidence despite the broader economic challenges.
As the market heads into the next week, analysts will be closely monitoring key developments, including corporate earnings announcements and macroeconomic indicators, which could influence the market’s direction. The KSE-100 index’s positive close this week sets a hopeful tone for continued gains in the coming days.
