On Wednesday, 2nd October 2024, it was a volatile session at the Pakistan Stock Exchange (PSX). The KSE-100 Index opened 98 points lower but later gained 556 points during the day. However, it also experienced a loss of 275 points before closing at 81,967, resulting in a net gain of 162 points for the day. This follows the previous day's significant gain of 690 points. Over the last five trading sessions, the KSE-100 Index has recorded a cumulative gain of 281 points. Year-to-date, the index has surged by 31%, reflecting strong market performance throughout 2024.
Foreign corporates continued to be net sellers at the PSX, but the consistent buying by local mutual funds helped the market absorb the selling pressure. This dynamic has contributed to the market’s volatility. See this note on this selling.
Today again foreign corporates made a substantial net selling of USD 5.7 million at the Pakistan Stock Exchange (PSX). Over the past 30 trading sessions, foreign corporates have cumulatively sold USD 63.92 million, reflecting consistent selling pressure.
In contrast, mutual funds continued their aggressive buying, with a net purchase of USD 2.91 million today. Over the last 30 sessions, they have accumulated a total net buying of USD 54.47 million, providing strong support to the market.
Insurance companies also contributed to the selling side with a net selling of USD 318,648 today, bringing their cumulative net selling to USD 23.73 million over the last 30 trading sessions.
Today’s major gainers on the Pakistan Stock Exchange (PSX) were led by Pakgen Power (PKGP), which surged 10% to close at 89.1. Crescent Steel (CSAP) followed closely with an 8.8% gain, closing at 95.4, while Nishat (Chunian) Limited (NCL) rose 7.6% to finish at 25.7. Agritech Limited (AGL) and Kohinoor Power (KOHP) also posted gains of 5.1% and 4.7%, closing at 38.9 and 8.0, respectively.
In the last five trading sessions, Crescent Steel (CSAP) was the top performer, soaring 32.4% to close at 95.38. Agritech Limited (AGL) gained 15.4%, closing at 38.92, while Gul Ahmed (GATM) rose 13.5% to 20.73. Service Global (SGF) and Nishat (Chunian) Limited (NCL) both posted gains of 9.9%, closing at 74.67 and 25.7, respectively.
Today’s major losers on the Pakistan Stock Exchange (PSX) were led by The Organic Meat Company (TOMCL), which dropped 8.6% to close at 34.4. Saif Textile (SAIF) followed with an 8.0% decline, closing at 10.2, while Ghani Value Glass (GVGL) fell 7.5% to 41.7. TPL Trakker Ltd (TPLT) and TPL Corp Ltd (TPL) also saw declines of 7.0% and 5.0%, closing at 8.3 and 4.8, respectively.
Over the last five trading sessions, The Organic Meat Company (TOMCL) experienced the largest decline, dropping 17.9% to close at 34.36. Saif Textile (SAIF) followed with a 15.3% decrease, closing at 10.16. TRG Pakistan (TRG), Agha Steel Industries (AGHA), and Crescent Textile (CRTM) also posted significant losses of 15.2%, 14.0%, and 13.5%, closing at 48.08, 10.72, and 11.51, respectively.
