Market Rallies, KSE 100 Gains 0.44% Amid MARI’s Record Profit and T-Bill Yield Decline

Staff Report: The market largely traded in a positive zone during the session, with the index gaining 695 points to close at 78,570, up by 0.89%. Major positive contributions to the index came from MARI, UBL, MCB, SYS, and MEBL, which cumulatively added 566 points.

The traded volume and value for the day stood at 418 million shares and Rs. 20.6 billion, respectively. KOSM was the volume leader today with 64.4 million shares.Tanveer seeks US market access to new agriculture products

The KSE 100 Index gained 0.44% on a week-on-week (WoW) basis. The week started on a negative note; however, some recovery was observed towards the end, largely attributed to MARI’s FY24 results announcement.

MARI posted its highest-ever profit of Rs. 77 billion, accompanied by a final cash dividend of Rs. 134 per share (FY24 cumulative dividend of Rs. 232 per share) and a surprising 800% bonus issue. This result attracted significant interest in the company, and given its substantial weightage in the KSE 100 Index, it managed to close the week on a positive note.

Other major developments during the outgoing week included the T-Bill auction, where yields declined by 50-54 basis points, and remittances for July, which clocked in at $2.99 billion, compared to $2.03 billion in June. The average daily traded volume and value during the week stood at 492 million shares and Rs. 20.6 billion, respectively.