KSE-100 Index Records Notable Gains

Staff Report

The KSE-100 index commenced on a buoyant note, witnessing an initial surge with an intra-high of +916.69 points (up by 1.46%), eventually settling at the commendable level of 63,305.93 (+490.12 points).

This bullish momentum in the market finds its roots in the initiation of the provincial government formation process.

Notably, the Punjab Assembly elected Maryam Nawaz as its Chief Minister in Punjab, while the Sindh Assembly elected Murad Ali Shah as the Chief Minister of Sindh.

The smooth progression towards government formation at provincial levels has bolstered investor confidence.

Following the general elections, the establishment of governments at the national and provincial levels is underway. Meanwhile, the Election Commission of Pakistan (ECP) is gearing up to conduct the presidential election on March 9th.

In corporate news, PPL (-0.79%) reported its 2QFY24 results, boasting an impressive EPS of Rs14.39, marking a substantial 75% YoY increase, with a DPS of Rs. 2.5 per share. ENGRO (+0.61%) unveiled its FY23 results, revealing a consolidated EPS of Rs63.90 and a cash payout of Rs2, culminating in a full dividend of Rs48.Pakistan’s Equity Market Suffers as Political Uncertainty Continues

Similarly, in the cement sector, DGKC (-0.21%) and FCCL (+0.11%) released their 1HFY24 results, reporting EPS figures of Rs2.41 and 1.08 respectively, with no cash payout.

Investor participation surged further, with an average traded volume and value reaching 452.645 million shares and Rs16.4 billion respectively. Noteworthy volume leaders for the day included KEL, KOSM, and WTL, with a cumulative 130 million shares changing hands.