PSX extends gains by 216 points as volumes improve


The Pakistan Stock Exchange (PSX) extended gains on Wednesday amid improved volumes, with the benchmark KSE-100 Index gaining 216.37 points (+0.49 percent) to close at 44,260.11 points.
The market opened on a negative note but remained overall positive during the session. The last hour trading helped index gain over 200 points as bulls were seen in the driving seat.
The KSE-100 Index moved in a range of 323.5 points, showing an intraday high of 44,265.14 points and a low of 43,941.64 points. Among other indices, the KSE All Share Index gained 192.44 points (+0.64 percent) to close at 30,358.12 points, while KMI All Share Islamic Index gained 127.48 points (+0.59 percent) to close at 21,881.76 points.
A total of 370 companies traded shares in the stock exchange, out of them shares of 199 closed up, shares of 147 closed down while shares of 24 companies remained unchanged. Out of 94 traded companies in the KSE-100 Index, 63 closed up, 27 closed down and four remained unchanged.
The overall market volumes increased by 127.67 million to 271.11 million shares. Total volumes traded for the KSE-100 Index increased by 73.11 million to 136.25 million shares. The number of total trades increased by 36,999 to 105,653, while the value traded increased by Rs3.17 billion to Rs8.16 billion. Overall market capitalisation increased by Rs41.26 billion.
Among scrips, CNERGY topped the volumes with 47.42 million shares, followed by WTL (14.75 million) and KEL (13.55 million). Stocks that contributed significantly to the volumes included CNERGY, WTL, KEL, TRG and DSIL, which formed over 36 percent of total volumes.
The major sectors taking the index toward north were refinery with 45 points, pharmaceuticals with 31 points, oil & gas marketing companies with 29 points, power generation & distribution with 28 points and textile composite with 23 points. The most points added to the index were by TRG which contributed 33 points followed by PSO with 24 points, CNERGY with 22 points, SEARL with 14 points and AGP with 13 points.
The major sectors taking the index toward south were commercial banks with 21 points, automobile assembler with 16 points, investment banks/ investment companies/ securities companies with 4 points, leather & tanneries with 2 points and close-end mutual funds with one point. The most points taken off the index were by SYS which stripped the index of 25 points followed by UBL with 18 points, HBL with 18 points, MTL with 16 points and HMB with 11 points.
According to experts, profit-taking was witnessed in the first trading hour; however, at the end of the trading, market recovered the losses as investors welcomed the approval of the central bank autonomy bill by the cabinet, a move that holds a substantial importance as it will pave the way for resumption of remaining IMF bailout loan.
Furthermore, delay in parliamentary session for the approval of the mini-budget will shape the market to witness see-saw sessions in upcoming days, they further said.
Meanwhile, Ghani Automobile Industries has been delisted as a result of merger with Ghani Value Glass Limited (GVGL). A notice issued by PSX said the delisting will stand effective from Thursday (December 30).
The notice further stated that the trading in the shares of Ghani Automobile Industries Limited has already been suspended and the shares of the surviving entity (i.e. Ghani Value Glass Limited) have been issued to the shareholders of Ghani Automobile Industries Limited as per the swap ratio.