KSE-100 ends marginally higher amid volatile trading

Business Nov, 14 2024
KSE-100 ends marginally higher amid volatile trading
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KARACHI: The Pakistan Stock Exchange (PSX) saw volatile trading on Wednesday, with the KSE-100 Index closing with a modest gain of 131 points.

After starting the session in the red, the index hit an intra-day low of 92,943.08 points. However, a wave of buying activity pushed the index to an intra-day high of 93,803.59 before some profit-taking reduced the gains. At the close, the benchmark index settled at 93,355.43, up by 130.86 points, or 0.14%. Brokerage house Topline Securities noted that the market was in a consolidation phase, with local mutual funds playing a key role in supporting the rally. The index received a boost from positive performances by major stocks, including MARI, LUCK, SEARL, ENGRO, and POL, which collectively contributed 461 points. However, profit-taking in stocks like OGDC, FFC, and MEBL resulted in a combined loss of 213 points. In a significant development, Rousch (Pakistan) Power Limited (RPPL), an Independent Power Producer (IPP), approved the early termination of its long-term agreements with the government.

The company’s parent, Altern Energy Limited, announced that RPPL’s management would proceed with a negotiated settlement agreement. Additionally, CCL Holding (Private) Limited, a subsidiary of CCL Pharmaceuticals, revealed plans to acquire a 50% stake in Mitchells Fruit Farms Ltd (MFFL), according to a public announcement filed with the PSX. Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration firm, also announced the commencement of natural gas production from the Uch-35 development well in Balochistan.Meanwhile, global markets were under pressure due to rising US bond yields, which spooked investors ahead of key inflation data, while Asian stocks experienced broad losses.

The Pakistani rupee registered a slight improvement against the US dollar, appreciating 0.03% to settle at Rs277.85 in the inter-bank market. The all-share index’s trading volume increased to 807.07 million shares, with a total value of Rs31.69 billion.

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