PSX ends 220 points higher despite early tremors

KARACHI: The Pakistan Stock Exchange (PSX), after witnessing a volatile trading session, managed to close in the green.

As per news reports, a team affiliated with the Financial Action Task Force (FATF) has arrived in Pakistan to decide the country’s fate with regard to its placement in the blacklist or off the greylist. Meanwhile, the International Monetary Fund mission chief has also reached Islamabad and it is widely expected that the long-anticipated bailout package would materialise soon.

Moreover, China has extended another loan worth $2.20 billion to Pakistan. This has helped central bank’s reserves enter double digits at $10.67 billion. Total reserves held by the country now stand at $17.58 billion.

The market response remained dull and mixed to the above-mentioned developments. Indices swung both ways with the KSE 100 index losing 88.97 points initially before gaining 244.23 points to reach the day’s high of 38,372.89. The index finally settled higher by 200.47 points at 38,329.13 with one year return standing at -14.88pc. The KMI 30 index followed a similar pattern, down 158.82 points and up 704.72 points before closing at 62,488.38 (+582.17 points). The KSE All Share index ended the session at 28,061.69, up 148.72 points and down 13.24pc as compared to it’s standing a year ago.

Market volumes improved from the last session’s 56.76 million to 86.39 million. This remains well below the year’s highest volume of 273.69 million recorded on February 27, 2019. Worldcall Telecom (WTL +0.93pc) was the volume leader of the day, making up for 17.87pc of the total volume. K-Electric Limited (KEL +1.11pc) followed with 7.16 million shares and Oil and Gas Development Company Limited (OGDC +2.68pc) with 3.90 million exchanging hands.

The paper and board sector was top gainer for the day. The sector pushed up its cumulative market capitalization by 2.51pc with Cherat Packaging Limited (CPPL +4.36pc) and Packages Limited (PKGS +4.31pc) being the top gainers.

The engineering sector added 2.49pc to its market capitalization with positive contributions from Amreli Steel Limited (ASTL +3.82pc), KSB Pumps Limited (KSBP +3.45pc) and others.

Leasing companies were the biggest losers, chopping off 3.06pc from its market capitalization, which now stands at Rs4.91 billion, as Orix Leasing Pakistan Limited (OLPL) took a hit of 3.83pc in its price.

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