PSX soars after Eid holidays

The benchmark saw rise of 379 points or 0.82pc.


The Pakistan Stock Exchange (PSX) opened the session gap in green as the investors came back with a positive buying attitude. Though the political climate remains fragile, yet investors resorted to buying. The session wasn’t a smooth ride with the benchmark KSE 100 index swaying around 970 points during the session.

The KSE 100 index touched an intraday high of 47,086.47 a gain of 1.60pc or 754.16 points before it shed it completely and fell to day’s low of 216.71 points to 46,115.60. The index closed the session with a 379.54 points appreciation at 46,711.85.

The rally was led by the commercial bank sector and the oil and gas exploration sector. The commercial bank sector added 1.60pc to its market capitalization with Habib Bank Limited (HBL +5.00pc) touching the upper circuit breaker and United Bank Limited (UBL) gather 4.06pc. The E&P Sector pushed its market capitalization up by 2.43pc as Oil and Gas Development Company (OGDC) rose by 3.81pc.

The KMI 30 index was up 499.76 points and the KSE All Share Index was 190.18 points in the green when the market got suspended. A total of 123 scripts advanced while 239 declined on Thursday. Market volumes clocked at 294.87 million with 64pc coming from KSE 100 scripts. TRG Pakistan Limited (TRG -4.90pc) was volume leader for the day, volume 14.75 million.

Ittefaq Iron Industries Limited (ITTEFAQ) shall follow PSX and initiate trade on July 3 at the price of Rs 30.20. The Market Lot of the Company will be 500 shares of Rs 10 each.

Exide Pakistan Limited (EXIDE -3.15pc) announced financial results for the year ended March 31, 2017. The company reported 9.51pc increase in sales which improved gross profit margins from 18.45pc to 19.89pc. Finance cost reduced by 62pc improving interest cover to 17.33 times. With profit after taxation of Rs 7.39 million earnings per share clocked at Rs 95.16 which is 74.10pc over the previous year. The board approved of a final cash dividend of Rs 12.50.

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Ghulam Noor Jehanian
Ghulam Noor Jehanian
The writer is business sub-editor at Pakistan Today
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