Market watch
\nBenchmark KSE-100 index advances 353.26 points to settle at 42,188.11
\nnews desk
\nKARACHI
\nPakistan Stock Exchange (PSX) witnessed another bullish session on Thursday, as the benchmark index continued to accumulate gains while volumes jumped to the highest level seen in a decade.
\nRising exports helped Pakistan stock market hit a seven-month high, as the KSE-100 index gained another 353.26 points to close at seven-month high 42,188.11 points.The last time when KSE-100 was above 42,000 points was on January 29.
\nThe benchmark KSE-100 Index remained in the green zone throughout the day, registering its intraday high at 42,212.93 after gaining 377 points. It settled higher by 353.26 points at 42,188.11.
\nAmong other indices, the KMI-30 Index gathered 701.95 points to end at 67,533.60, while the KSE All Share Index added 303.31 points, closing at 29,780.50.
\nThe overall market volumes jumped from 837.02 million shares in the previous session to 919.45 million shares (+10pc). Average traded value also inched up by 1pc, from $157.6 million to $159.9 million. Unity Foods Limited (UNITY +4.59pc), Bank of Punjab (BOP +4.02pc) and K-Electric Limited (KEL +0.70pc) led the volume chart, exchanging 51.41 million, 49.76 million and 41.81 million shares, respectively.
\nSectors that drove the benchmark index north included cement (83.52 points), banking (49.21 points) and oil & gas marketing (41.77 points). Among the companies, Maple Leaf Cement Factory Ltd (MLCF 29.00 points), Systems Limited (SYS 26.80 points) and MCB Bank Ltd (MCB 24.33 points) remained the top contributors.
\nAdding 3.60pc to its cumulative market capitalization, the refinery sector emerged as the session\u2019s top gainer, with Byco Petroleum Ltd (BYCO 5.60pc), Attock Refinery Ltd (ATRL 2.79pc) and National Refinery Ltd (NRL 2.22pc) posting decent gains.
\n\u201cInvestor sentiment at PSX has been sky high in recent times, especially on the announcement by the prime minister regarding his visit to Karachi tomorrow,\u201d said a report issued by Arif Habib Limited. \u201cInfrastructure development is expected to positively impact construction sector scrips, which prompted investors to take interest in cement and steel sectors,\u201d said the report.
\nNaushad Chamdia, CEO of Standard Capital, stated that high net worth individuals and the general public are re-entering the Pakistani market due to a rebound in indicators, adding that SBP lowering policy rates will result in \u201cbeefed up profits of companies.\u201d
\nChamdia said, \u201cThe outlook of companies listed at PSX in construction-related and auto allied sectors are poised to show phenomenal growth in FY21.\u201d
\nIn addition, he feels that the announcement of projects by the government will help improve the fundamentals of listed companies.
\nHamza Kamal, Equity Analyst at AKD Securities, said that investors have divested from other asset classes considering their non-lucrative returns, in particular bonds. This is a major reason behind the interest in equities.
\nHe added, \u201cCompared to real estate returns, equities offer avenues for small scale investors. In the case of the latter, it has been individuals that have been driving the market lately (CYTD net inflow from individuals stands at $152.5 million, highest relative to other local groups of investors).\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"
Market watch Benchmark KSE-100 index advances 353.26 points to settle at 42,188.11 news desk KARACHI Pakistan Stock Exchange (PSX) witnessed another bullish session on Thursday, as the benchmark index continued to accumulate gains while volumes jumped to the highest level seen in a decade. Rising exports helped Pakistan stock market hit a seven-month high, as […]<\/p>\n","protected":false},"author":2,"featured_media":115371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-142347","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n