LAHORE: The Pakistan Stock Exchange (PSX) started Wednesday morning in the red. Just when it seemed like indices have lost the momentum of the previous session, they made a comeback! Stakeholders expect investor confidence to remain as reports from international analysts suggest high volatility in the short term.
The KSE 100 share index touched an intraday high of 40,061.59 after gaining 608.78 points. It managed to gain 133.95 points and settle at 39,586.76. The KMI 30 share index appreciated by 471.87 points and ended the day at 66,888.01. While the KSE All-share index was up by 0.07 per cent and concluded the session at 28,966.85.
The market volume declined by 23 per cent from the previous session and was recorded at 128.43 million. Fauji Foods Limited (FFL – 4.98 per cent) led the volume chart on Wednesday. The script had 8.17 million shares exchanged. Pak Elektron Limited (PAEL -0.75 per cent) was next with a volume of 6.66 million. Followed by The Bank of Punjab (BOP 2.76 per cent), TRG Pakistan Limited (TRG -2.87 per cent) and Fauji Cement Company Limited (FCCL -0.90 per cent). The scripts had 5.29 million, 5.23 million and 5.17 million shares traded respectively.
Cement companies pushed up prices by Rs 15-20 per bag in the northern region due to rising coal prices in the international market and devaluation of the rupee. According to reports, coal prices have surged by around 35 per cent which is expected to push up production costs for the sector.
Following the news, the cement sectors managed to gain 0.89 per cent in its cumulative market capitalization. D. G. Khan Cement Company Limited (DGKC) and Power Cement Limited (POWER) depreciated by 2.53 per cent and 2.34 per cent respectively. While, Bestway Cement Limited (BWCL +2.63 per cent), Lucky Cement Limited (LUCK + 1.43 per cent) and Maple Leaf Cement Factory Limited (MLCF 0.49 per cent) ended the day with slight gains.
