PSX started off on an excellent note for the day climbing from 49428.27 points to the highest for the day at 49933.91 points before afternoon, after which it started falling and went down to the lowest for the day at 49426.87 points before recovering partially and closing at 49665.97 points.
The better part of the day saw the 100 index struggling to keep the investors’ hopes up. Overall, the stock changed 210.11 points (0.42pc), and traded 447.2 million shares with a traded value of Rs 24.1 billion.
The Topline Market Review report mentioned Pakistan State Oil (PSO) as one of the major supporters for the gain with a contribution of 54 points. The investors’ confidence in MARI Petroleum (MARI) took momentum after it announced that the government had formally initiated the procedure for the sale of its 18.39pc ordinary shares. The stock closed at its upper limit of 5pc for the day.
According to the report, International Steel (ISL) and International Industries (INIL) also managed to close on the upper limit, primarily owing to its expansion announcement made the other day. The two stocks continued to remain attractive for the investors.
Other winners of the day were The Resource Group Of Pakistan (TRG) that went up by 3.2pc, Dost Steel Limited (DSL) that showed rise of 4.3pc and Crescent Steel & Allied Products Ltd (CSAP) that went up by 4.9pc.Engro Corporation Limited (ENGRO) also showed improvement and grew by 1.2pc.
The companies among the contributors to the downward pressures of the day were Attock Refinery Limited (ATRL) that went down by 2.9pc, DG Khan Cement (DGKC) that decreased by 1.2pc and Engro Foods Limited (EFOODS) that showed decline of 0.8pc. Pak Elektron Limited (PAEL) also remained on the losing side for the day decreasing by 0.6pc.
Among other notable instances of the day were the announcement of quarterly results by Amreli Steels (ASTL) that reported a profit of Rs 256 million, and by General Tyre (GTYR) that reported a profit of Rs 328 million. The report also added, “As per the latest auction calendar published by State Bank of Pakistan (SBP), the government plans to raise Rs150bn from Pakistan Investment Bonds (PIBs) in next 3-months (Feb-Apr) compared to maturity of Rs91bn. It also intends to raise Rs2.2trn from Treasury Bills (T-Bills) in the same period versus maturity of Rs2.1trn.”
