KARACHI: Positive sentiments surrounded the bourse on the first trading session of the week, as the indices that opened red changed their path to close in green. Foreign investors ended last week as net sellers with a net outflow of $1.33 million.
On the economic front, inflation touched its 56-month high at 8.21pc in February 2019 as compared to 3.8pc in the same period last year. The increase was mainly due to higher utility bills, increased cost of education, healthcare, transportation and communication etc.
As per news reports, the federal government is likely to withdraw 4pc supertax imposed on the banking sector for the tax year 2018. Previously, the banks had asked the government to remove the tax in the second mini-budget released in the third week of January.
The KSE 100 index, after losing 39.66 points, touched its intraday low during initial hours of trading. It then rebounded to reach the day’s high of 39,841.74 after accumulating 302.72 points. The index settled higher by 210.72 points at 39,749.74. The KMI 30 index managed to gather 193.70 points to end at 66,427.17, while the KSE All Share index was up by 129.29 points, closing at 28,981.29.
The overall trading volumes were recorded at 168.446 million. The Bank of Punjab (BOP +7.82pc) led the volume chart with 90.84 million shares following the announcement of its financial results for the financial year 2018. A final cash dividend of Rs0.75 was also declared by the company. Sales appreciated by 35pc YoY, while earnings per share improved from Rs-1.62 last year to Rs 2.86.
TRG Pakistan Limited (TRG +3.03pc) and Pak Elektron Limited (PAEL +1.24pc) were next in the line of volume leaders. The scripts had 4.09 million shares and 3.89 million shares exchanging hands respectively.
The banking sector, largest by market capitalization, gained 0.80pc in its cumulative market capitalization. Habib Bank Limited (HBL) was up by 1.84pc, United Bank Limited (UBL) by +1.61pc and Standard Chartered Bank (Pakistan) Limited (SCBPL) by +1.96pc. MCB Bank Limited (MCB -1.39pc) on the other hand ended negative.