PSX surges on higher volumes, index gains 897 points

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  • PSX registers an accumulative gain of 3,739 points in four trading sessions

KARACHI: Trading resumed at the Pakistan Stock Exchange (PSX) on an optimistic note where bulls remained in charge of the market all day long. Indices rallied while volumes were at their record high for the year 2018.

Experts believe the relief package from Saudi Arabia last week brought much-needed clarity to the market, adding that further financial support from friendly countries including Malaysia, UAE and China which will help stabilize the economy.

The KSE 100 surged over 957.18 points to touch intraday high of 41,513.63. It settled higher by 897.31 points or 2.16 per cent at 41,453.76. The KMI 30 index was up by 2.20 per cent closing the day at 71,510.81 after gaining 1,570.40, while the KSE All Share Index appreciated by 1.72 per cent (511.10 points) to end at 30,178.91. Out of 393 traded scripts, 250 advanced while 128 declined.

Cumulatively, the PSX registered an increase of 3,739 points or 9.9 per cent during the past four trading sessions, the highest increase in four consecutive sessions in terms of index points, and highest increase since June 14, 2006, in terms of percentage.

The market volume on Monday surged up by a massive 48 per cent from the last trading session and was recorded at 461.07 million, which is the highest since May 24, 2017, right before Pakistan was officially inducted in the MSCI EM space. Total value traded during the session exceeded $117 million, the highest since Jan 24, 2018.

The Bank of Punjab (BOP +7.92 per cent) led the volume chart with 63.37 million shares exchanging hands, followed by K-Electric Limited (KEL +4.67 per cent) and Lotte Chemical Pakistan Limited (LOTCHEM -1.31 per cent) with 44.14 million and 35.43 million traded shares.

The transport (+5.94 per cent), close-end mutual fund (5.35 per cent), refinery (+5.27 per cent) and cement (+4.79 per cent) were the major gainers of the day.

D G Khan Cement Company Limited (DGKC) appreciated by 5 per cent, while Lucky Cement Limited (LIUCK +5.00 per cent) touched its upper-lock after the company declared its financial results for the first quarter of Financial Year 2018-19 (1QFY19). The company’s sales increased by a slight 2% QoQ, whereas the earnings per share declined from Rs9.33 in the same period last year to Rs7.71 in the current year.

GlaxoSmithKline (Pakistan) Limited (GLAXO +1.81 per cent) released its financial performance for the third quarter of 2018. Sales appreciated by 5%per cent QoQ, while the earning per share depreciated from Rs2.46 in the same period last year to Rs1.70 in the current year. The company’s gross profits were deteriorated by 16 per cent QoQ due to the increase in cost of sales (13 per cent QoQ).

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