Market Daily: KSE 100 starts positive, increases by 381.10 points

LAHORE: The Pakistan Stock Exchange (PSX) marked a positive beginning to the week. The weekend brought in the news of a smooth transfer of power to the caretaker Government and the top courts, brushing aside any doubts over the delay in the conduct of elections. Market participation was on the rise on Monday with indices crawling up after a slow start.

Pakistan equities witnessed a positive trajectory at the start of the week as an attractive valuation of large-cap stocks tempted investors to make a fresh entry in the market. Ease off in global politics and trade wars further bolstered investor confidence. As a result, the KSE 100 index inched lower by 79.87 points to 42,832.94 before jumping to an intraday high of 43,268.29 with an increase of 381.10 points.

The KMI 30 index also put up a similar show and gathered 761.78 points to reach 73,812.56. The KSE All Share Index appreciated by 196.95 points with 170 advancers and 165 decliners. Foreign investors continued to sell. Net outflow for the session according to the National Clearing Company of Pakistan (NCCPL) amounted to $12.81 million.

The market volumes were recorded at 118.04 million. The Bank of Punjab (BOP -0.08 per cent) led the chart with 11.75 million. Pak Elektron Limited (PAEL +0.63 per cent) was next that struck a volume of 8.92 million succeeded by Sui Southern Gas Company Limited (SSGC +4.98 per cent), volume 7.71 million.

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Investors cheered at the development on Sui Companies (SNGP and SSGC) as the Oil and Gas and Regulatory Authority (OGRA) made an announcement notifying the market-based return formula which led both stocks to close at the upper cap with traded volume of 6 million and 8 million, respectively.

Large-cap scrips, HBL, ENGRO, UBL, PPL, MCB, OGDC and PSO remained top index contributors on Monday’s session. While the BOP, PAEL, SSGC, SNGP, and PACE remained volume leaders with a cumulative trading volume of 40 million shares.

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