— Index manages to gain 287 points amid volatility
KARACHI: After early morning bumps, the Pakistan Stock Exchange (PSX) managed to stand its ground to close in green on Wednesday. Indices that had slipped early managed to recover their losses by midday. Despite Tuesday’s surge, foreign investors ended as net sellers with a net outflow of $15.72 million.
The KSE 100 index started the day in red and touched an intraday low after losing 610.75 points, narrowly dodging its 52-week low level (37,736.73). It then changed direction to touch intraday high of 38,826.80 and after gaining 287.25 points, it closed at 38,792.09. The KMI 30 index appreciated by 420.80 points to reach 66,066.48 while the KSE All Share index ended with a minor gain of 85.40 points at 28,384.74. Out of 352 traded stocks, 174 declined while 159 closed higher.
Overall, the trading volumes declined from 225.12 million in the last session to 199.32 million. TRG Pakistan Limited (TRG +1.03 per cent), Unity Foods Limited (UNITY +0.19 per cent) and Worldcall Telecom (WTL +1.27 per cent) were volume leaders of the session. The scripts had exchanged 21.65 million, 11.34 million and 9.55 million shares respectively.
The All Pakistan Cement manufactures Association (APCMA) released its latest data for the month of September. Cement dispatches increased from 3.20 million tonnes in the last year to 3.80 million tonnes in the current year, showing a yearly growth of 19 per cent. Local dispatches recorded a growth of 10 per cent YoY while the exports recorded a massive growth of 78 per cent YoY.
The cement sector gained 1.55 per cent in its cumulative market capitalization after the announcement of the latest data by APCMA. DG Khan Cement Company Limited (DGKC +4.99 per cent) rose from its 52-week low and touched upper lock, while Lucky Cement Limited (LUCK) appreciated by 1.98 per cent. Other players like Maple Leaf Cement Factory Limited (MLCF +2.11 per cent), Fauji Cement Company Limited (FCCL +2.95 per cent) and Pioneer Cement Limited (PIOC +3.21 per cent) also ended the day positive.