Benchmark KSE-100 index climbs 0.49% to settle at 47,365.70
KARACHI
The Pakistan Stock Exchange (PSX) turned bullish on Monday after four consecutive bearish sessions, with the benchmark KSE-100 Index gaining 229.17 points (+0.49 percent) to close at 47,365.7 points.
The market opened on a positive note and remained the green zone throughout the session. The KSE-100 Index moved in a range of 331.6 points, showing an intraday high of 47,468.1 points and an intraday low of 47,136.5 points (the last day closing point).
Among other indices, the KSE All Share Index gained 92.65 points (+0.43 percent) to close at 32,321.82 points, while All Share Islamic Index gained 134.48 points (+0.58 percent) to close at 23,384.5 points.
A total of 384 companies traded shares in the stock exchange, out of them shares of 204 closed up, shares of 152 closed down while shares of 28 companies remained unchanged. Of the 94 traded companies in the KSE-100 Index, 58 closed up, 34 closed down, while two remained unchanged.
The overall market volumes increased by 0.27 million to 382.65 million shares. Total volume traded for the KSE-100 Index was 147.18 million shares. The number of total trades decreased by 7,891 to 123,218, while the value traded decreased by Rs0.96 billion to Rs12.33. The market capitalisation increased by Rs21.18 billion.
Among scrips, BYCO led the table with 42.95 million shares, followed by GGL (29.89 million) and WTL (26.78 million). Stocks that contributed significantly to the volumes include BYCO, GGL, WTL, YOUW and TELE, which formed 38 percent of total volumes.
The sectors propping up the index were power generation & distribution with 76 points, refinery with 43 points, oil & gas exploration companies with 42 points, cement with 41 points and fertilizer with 35 points. The most points added to the index were by HUBC which contributed 75 points followed by ENGRO with 31 points, OGDC with 26 points, PPL with 22 points and TRG with 17 points.
Sector wise, the index was let down by commercial banks with 110 points, tobacco with 4 points, and close-end mutual funds, cable & electrical goods and engineering with one point each. The most points taken off the index were by MEBL which stripped the index of 49 points followed by HBL with 38 points, MCB with 14 points, MARI with 11 points and UBL with 10 points.
Analysts at Arif Habib Limited said that the market performed well after closing the rollover week. The ascent in international crude oil prices, due to hurricane IDA, helped propel the oil and gas chain, particularly E&P stocks. Power sector saw HUBCO coming to the fore on the back of the declaration of healthy dividends, they said.
Besides, cement, fertilizer, steel and technology stocks contributed positively to the index. Banks, automobiles and the textile sector saw continued profit booking, they said.
A market closing note by Topline Securities said that the refinery sector saw a renewed interest on the back of market rumours, suggesting that the government of Pakistan has finalised the Pakistan Oil Refinery Policy 2021.
