KARACHI: It was a fresh start of the week for investors of Pakistan Stock Exchange (PSX) where indices kept moving in northern trajectory right from the word go.
Contrary to recent trends, foreign investors ended the preceding week as net buyers with a total inflow of $0.60 million. Volumes remained low as investors waited for the upcoming mini-budget, set to be announced on January 23rd.
According to a report by a prominent house, cement sale in the southern region have increased by 21pc from 3.38 million tonnes in the same period last year to 4.08 million tonnes during current fiscal year. However, local sales in the northern region declined by 5.95pc from 16.45 million tonnes in the same period last year to 15.47 million tonnes in the current year. Overall, domestic cement dispatches decreased by 1.41pc as compared to the previous period.
After a slow start to the day, KSE 100 index benchmark reached its intraday high of 39,504.49 (up by 455.41 points). The index continued with its upward drive, closing the day at 39,412.55 after gaining 363.47 points. The KMI 30 index appreciated by 631.12 points and settled at 66,542.37 points, whereas the KSE All Share index was up by 204.41 closing at 28,943.37 points. Out of total traded scripts, 214 advanced and 100 declined.
Trading volumes were recorded at 115.33 million. Pak Elektron Limited (PAEL +2.93pc), K-Electric Limited (KEL +1.74pc) and TRG Pakistan Limited (TRG +4.99pc) ended as volume leaders. The scripts had traded 13.62 million shares, 10.84 million shares and 10.57 million shares respectively.
The refinery sector gained 0.72pc in its market capitalization following the news of a potential agreement between Pakistan and Saudi Arabia for installation of Saudi Aramco Oil Refinery at the oil city located in Baluchistan’s Gwadar district, costing nearly $10 billion. Attock Refinery Limited (ATRL) was up by +1.24pc and Pakistan Refinery Limited (PRL) by +1.20pc, while National Refinery Limited (NRL +0.66pc) and Byco Petroleum Pakistan Limited (BYCO +0.43pc) also ended positive.
