LAHORE: The Pakistan Stock Exchange (PSX) continued to rally for the fourth consecutive trading session as the market closed at 43,703 index points, up 434 points on Tuesday. Index gain was mainly led by buying in index heavyweights by institutional investors. The KSE 100 index fell to low of 43,197.44 with the loss of 70.85 points early during the day, adding 478.89 points to mark high of 43,747.18.
The KMI 30 index jumped 895.88 points during the session before landing up 731.12 points while the KSE All Share Index increased 209.98 points. The advancers to decliners ratio stood at 180 to 177.
The market volumes saw a huge surge from the previous session. The total traded volume which was 118.04 million on Monday went up to 166.49 million. The Bank of Punjab (BOP +1.82 per cent) contributed 12.20 per cent of the total volumes as 20.31 million shares were traded. Pak Elektron Limited (PAEL +1.59 per cent) followed with 14.25 million shares on the table and Sui Southern Gas Company Limited (SSGC +4.20 per cent), volume 13.59 million.
Traded volumes improved by 41 per cent while value increased by 47 per cent during the trading session.
The oil and gas marketing sector was top gainers with the sectors cumulative market capitalisation up 2.56 per cent. The chemical sector elevated by 2.35 per cent and the commercial bank sector gathered 1.66 per cent in its market capitalization.
Meanwhile, Caretaker Federal Cabinet was sworn in on Tuesday with Shamshad Akhtar being appointed as interim Finance Minister. Investors now eye policy guideline from caretaker setup on how economic challenges of the country will be tackled.
Contradicting the PML-N’s claims of an economic turnaround, the Ministry of Finance warned the caretaker prime minister that without the support of the International Monetary fund (IMF), the country’s financial survival was at stake.
Board of Directors of Glaxo Smith Kline Consumer (GSKCH) approved the amalgamation of Glaxo Smith Kline OTC Pvt Ltd (GSK OTC) with and into the company. As a consequence of this proposed amalgamation, 0.21 ordinary shares of the company are proposed to be issued for every 1 ordinary share of GSK OTC. Accordingly, 21.5 million shares of the company will be issued as consideration of 102.4 million shares of GSK OTC. This will be subject to regulatory and shareholders approvals.
Clover Pakistan (CLOV) informed the exchange that some miscreants are illegally carrying out advertisement for publicity of food products of the company which is completely false, fake and misleading. The company has confirmed that it is exploring food business segment and has not launched any product line so far.
Moreover, PSX shall remain closed on Friday, June 8, 2018, on account of Jumatul Wida.
