PSX extends gains to reach 45,920 points


KSE-100 smashes 46,000pts level twice during intraday trading after 15 months
The Pakistan Stock Exchange (PSX) remained bullish for the second straight day on Friday, with the benchmark KSE-100 Index gaining 522.42 points (+1.15 percent) to close at 45,920.73 points.
The market opened on a positive note and remained positive throughout the session. During the intraday trading, the benchmark index soared to a 15-month high and twice breached the 46,000 points mark. The investors flocked to risk-on assets as they sought to capitalise on the potential gains. The price action in the past few trading sessions had been telling of the current market structure, as bulls successfully managed to defend the key 45,000 points level ever since breaching this level, without a single daily close below this key level.
Arif Habib Corporation Director Ahsan Mehanti said that foreign capital bought shares in the energy sector. He attributed the rally in the stock market to “good financial results,” the Islamabad High Court’s (IHC) ruling which declared the imposition of super tax on various companies against the law and terminated all notices in this regard as well as reports of keeping the policy rate the same. Due to all these factors, the index has crossed the 46,000 mark after a gap of 15 months, he said.
The benchmark index traded in a range of around 730.61 points showing an intraday high of 46,122.16 points and an intraday low of 45,391.55 points. Among other indices, the KSE All Share Index gained 313.07 points (+1.02 percent) to close at 30,731.24 points, while KMI All Share Islamic Index gained 182.14 points (+0.81 percent) to close at 22,421.38 points.
Total volumes traded for the KSE-100 Index increased by 48.39 million shares to 205.78 million shares against 157.39 shares traded a session earlier. The overall market volumes increased by 40.39 million shares to 504.55 million shares against 464.16 million shares traded a session earlier.
Among scrips, WTL topped the volumes with 106.5 million shares, followed by FFL (44.26 million) and CNERGY (35.91 million). Stocks that contributed significantly to the volumes included WTL, FFL, CNERGY,TPLP, and KEL, which formed over 48 percent of total volumes.
A total of 338 companies traded shares in the stock exchange against 344 a session earlier, out of which shares of 197 closed up, shares of 120 closed down while shares of 21 companies remained unchanged. A total of 91 companies traded shares in the KSE-100 Index against 94 companies a session earlier, out of which share price of 56 companies closed up, 30 closed down and five remained unchanged.
The number of total trades increased by 14,441 to 154,162 against 139,721 trades in the previous session, while the value traded increased by Rs1.91 billion to Rs12.01 billion.
In terms of rupee, COLG remained the top gainer and witnessed an increase of Rs89.45 (+6.45 percent) per share, closing at Rs1,475.5. The runner-up remained MEHT, the share price of which climbed up by Rs29 (+4.14 percent) to Rs729. BHAT remained the top loser in terms of rupee for the second straight day and witnessed a decrease of Rs30 (-3.16 percent) per share, closing at Rs920, followed by PMPK, the share price of which fell by Rs14.99 (-3.53 percent) to close at Rs410.01 per share.
The sectors taking the index towards north were commercial banks (344 points), chemical (59 points), technology & communication (34 points), food & personal care products (32 points), and cement (26 points). The major companies adding points to the index remained UBL (90 points), COLG (61 points), MEBL (57 points), MCB (48 points), and BAFL (47 points).
The sectors taking the index towards south were oil & gas exploration companies and pharmaceuticals (10 points each), oil & gas marketing companies (6 points), and fertilizer and textile composite (3 points each). The major companies depriving the index of points remained PPL (20 points), OGDC and ENGRO (10 points each), ABOT (5 points), and PSO (4 points).