Today on Wednesday, 9th October 2024, the market opened strongly, continuing its recent momentum. The KSE-100 Index started the day with a gain of 160 points, surged over 700 points intraday, but later succumbed to selling pressure, briefly dipping 220 points into negative territory. Despite the volatility, the index recovered and closed nearly flat at 85,669
In the last five trading sessions, the KSE-100 Index has gained a total of 3,702 points. Year to date, the index has surged by 37%, reflecting solid performance throughout 2024.
Today, 'foreign corporates' resumed their massive selling at the Pakistan Stock Exchange (PSX) after a brief hiatus of a few days, with net selling exceeding $10 million. Interestingly, local 'insurance companies' stepped in as major buyers, nearly matching the net sales of foreign corporates. This shift comes as insurance companies, who were recently heavy sellers, now take an opportunistic stance.
Mutual funds, as usual, remained net buyers. The timing of foreign selling aligns well with mutual funds' increased liquidity, as they shift from money market funds to equities in response to declining interest rates from their peak otherwise local funds would have been chasing the equities - to some extent they still are.
Major Gainers Today:
- PNSC (Pakistan National Shipping Corporation) closed at Rs. 471.8, up 10.0%
- PTC (Pakistan Telecommunication Company Limited) closed at Rs. 13.2, up 9.5%
- TPLP (TPL Properties) closed at Rs. 7.5, up 7.9%
- NRL (National Refinery Limited) closed at Rs. 212.5, up 6.6%
- KEL (K-Electric Limited) closed at Rs. 4.0, up 5.6%
Major Gainers in Last 5 Trading Sessions:
- PNSC (Pakistan National Shipping Corporation) closed at Rs. 471.78, up 29.3%
- PPL (Pakistan Petroleum Limited) closed at Rs. 126.27, up 16.0%
- PSO (Pakistan State Oil) closed at Rs. 190.27, up 15.3%
- TPLT (TPL Trakker Limited) closed at Rs. 9.5, up 15.0%
- OGDC (Oil & Gas Development Company Limited) closed at Rs. 169.84, up 14.9%
Major Losers Today:
- POL (Pakistan Oilfields Limited XD) closed at Rs. 607.3, down 12.4%
- OCTOPUS (Octopus Digital Limited) closed at Rs. 99.8, down 10.0%
- CSAP (Crescent Steel) closed at Rs. 94.5, down 6.1%
- ASTL (Amreli Steels) closed at Rs. 17.0, down 4.1%
- KOHP (Kohinoor Power) closed at Rs. 7.0, down 3.0%
Major Losers in Last 5 Trading Sessions:
- LPL (Lalpir Power) closed at Rs. 16.44, down 16.0%
- IBLHL (IBL HealthCare) closed at Rs. 26.41, down 14.0%
- KOHP (Kohinoor Power) closed at Rs. 7.0, down 12.9%
- GVGL (Ghani Value Glass) closed at Rs. 37.8, down 9.4%
- ATRL (Attock Refinery XD) closed at Rs. 298.74, down 8.5%
