PSX turns bullish, gains 545 points 

KARACHI: Bulls emerged as winners at the Pakistan Stock Exchange on Monday. The indices swung in both directions until they finally picked the upper path. Foreign investors continued to be the net sellers in the previous week with a net outflow of $15.60 million.

After losing 145.23 points, the KSE 100 index benchmark touched its intraday low of 38,161.72. The index then rebounded to reach its day’s high of 38,882.82, gaining 575.87 points. It finally settled higher by 545.00 points or 1.42pc at 38,851.95. The KMI 30 index gained 876.12 points to close at 63,601.03, while the KSE All Share index gathered 224.78 points, ending the session at 28,398.78.

The overall market volumes were recorded at 99.54 million on the first trading day of the week. K-Electric Limited (KEL +2.47pc) led the volume chart with 15.35 million shares exchanging hands, followed by The Bank of Punjab (BOP +0.94pc) and Pak Elektron Limited (PAEL +4.97pc) with 9.68 million shares and 5.86 million shares swapping hands respectively.

The oil and gas marketing sector gained 1.37pc in its cumulative market capitalization. Sui Northern Gas Pipe Line Limited (SNGP) was up by +4.83pc, Sui Southern Gas Company Limited (SSGC) by +3.37pc and Pakistan State Oil Company Limited (PSO) by +1.07pc.

The leading sector by market capitalization (banking sector) accumulated 1.92pc in its total market capitalization. MCB Bank Limited (MCB +4.20pc), Habib Bank Limited (HBL +4.25pc), United Bank Limited (UBL +2.46pc), Faysal Bank Limited (FABL +4.78pc) and Askari Bank Limited (AKBL +4.09pc) all ended in green.

The power generation and distribution sector gathered 1.61pc in its cumulative market capitalization following news reports of further hike in power prices. K-Electric Limited (KEL) appreciated by 2.47pc, Hub Power Company Limited (HUBC) by 2.14pc and Saif Power Limited (SPWL) by 2.45pc. Nishat Chunian Power Limited (NCPL +1.88pc) and Engro Powergen Qadirpur Limited (EPQL +0.87pc) also settled with decent gains.

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