On Thursday, 3rd October 2024, the Pakistan Stock Exchange (PSX) experienced strong upward momentum. The KSE-100 Index opened with a gain of 109 points, rising an impressive 992 points intraday without any losses, and ultimately closing at 82,722, adding 755 points overall. It was straight up for the market throughout the day. More than half of the points in the KSE100 Index were contributed by FFC that rose 8.2%. Recall that merger of FFBL and FFC has been approved.
This follows the previous day's gain of 162 points. Over the last five trading sessions, the KSE-100 Index has accumulated a total gain of 1,064 points. Year-to-date, the index has surged by 32%, reflecting continued positive performance in 2024.
Today’s major gainers on the Pakistan Stock Exchange (PSX) were led by Nishat (Chunian) Limited (NCL), which surged 10.0% to close at 28.3. TPL Trakker Ltd (TPLT) followed with an 8.7% rise, closing at 9.0, while Fauji Fertilizer Company (FFC) gained 8.2%, closing at 243.5. Nishat Mills Ltd (NML) and Saif Textile (SAIF) also saw gains of 6.9% and 6.8%, closing at 67.3 and 10.9, respectively.
Over the last five trading sessions, Crescent Steel (CSAP) topped the list with a 27.5% gain, closing at 90.95. Nishat (Chunian) Limited (NCL) rose 20.8% to 28.27, while Fauji Fertilizer (FFC) gained 15.5%, closing at 243.53. Agritech Limited (AGL) and Fauji Fertilizer Bin Qasim (FFBL) also posted notable gains of 15.0% and 12.7%, closing at 38.59 and 52.83, respectively.
Today’s major losers on the Pakistan Stock Exchange (PSX) were led by TPL Corp Ltd (TPL), which fell 10.0% to close at 4.3. IBL HealthCare (IBLHL) followed with a 9.3% decline, closing at 27.9, while Ghani Value Glass (GVGL) dropped 9.0% to 38.0. Kohinoor Power (KOHP) and Mari Petroleum (MARI) also posted losses of 8.3% and 4.9%, closing at 7.4 and 416.1, respectively.
Over the last five trading sessions, TPL Corp Ltd (TPL) recorded the largest decline, down 16.2% to close at 4.3. TRG Pakistan (TRG) dropped 16.0% to 46.18, while Ghani Value Glass (GVGL) and Agha Steel Industries (AGHA) both declined by 14.4%, closing at 37.98 and 10.49, respectively. The Organic Meat Company (TOMCL) also saw a drop of 14.1%, closing at 35.14.
On October 3, 2024, foreign corporates shifted to net buyers on the Pakistan Stock Exchange (PSX), purchasing USD 391,954 worth of equities, signaling a potential end to their prolonged selling spree. Over the last 30 trading sessions, foreign corporates have made a cumulative net selling of USD 63.38 million.
Today interestingly overseas Pakistanis made a massive net sale of of over $ 3.5 million.
Mutual funds continued their strong buying trend, with net purchases amounting to USD 4.85 million today, further sustaining and propelling the market. Their cumulative net buying over the past 30 sessions now stands at USD 59.46 million.
Meanwhile, insurance companies continued to be net sellers, offloading USD 2.55 million worth of shares today. Over the last 30 trading sessions, they have made a cumulative net selling of USD 27.16 million, reflecting a consistent trend of divestment.
See PSX Snippets for today.
