Bull run continues at PSX, index ends 977 points higher

KARACHI: Bulls of the Pakistan Stock Exchange (PSX) were once again successful in conquering the market, as the indices continued on the upward trajectory right from the start of the session on Thursday.

Foreign investors ended as net sellers on Wednesday with a net outflow of $3.48 million.

Fitch Solutions, a US-based global research house, expects stability to return to Pakistan’s economy after the government made two tough decisions in the preceding week. The two steps included a hike in the interest rate by 150 basis points to a 91-month high of 12.25pc, and around 7.5pc depreciation in the value of rupee against the US dollar.

Meanwhile, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh in a tweet on Wednesday announced that Saudi Arabia would extend $3.2 billion per year deferred payment facility with Pakistan for petroleum products starting from July.

Surging by 993.99 points, the KSE 100 index benchmark reached its intraday high of 35,631.13. It closed higher by 944.20 points at 35,581.34. The KMI 30 index appreciated by 1,689.96 points to end at 57,556.30, while the KSE All Share index gathered 460.69 points, closing at 25,989.79. The advancers to decliners ratio stood at 240 to 85.

The overall trading volumes increased by 11.9pc basis and were recorded at 227.50 million (highest since the start of Ramzan). The Bank of Punjab (BOP +0.16pc), Unity Foods Limited (UNITY +5.58pc) and K-Electric Limited (KEL -1.37pc) were the top picks of the day. The scripts had traded 16.30 million shares, 15.25 million shares and 15.18 million shares respectively.

The oil and gas marketing sector gained 4.34pc in its cumulative market capitalization following a decline in the global oil prices. Pakistan State Oil Company Limited (PSO +5.00pc), Attock Petroleum Limited (APL +5.00pc) and Sui Northern Gas Pipeline Limited (SNGP +4.99pc) all touched their upper locks.

The cement sector gathered 4.97pc in its total market cap despite a decline in the retail price of cement. Lucky Cement Limited (LUCK +5.00pc), DG Khan Cement Company Limited (DGKC +5.00pc) and Bestway Cement Limited (BWCL +5.00pc) all closed at their upper circuit breaker.

Hinopak Motors Limited (HINO +3.12pc) declared its financials for the fiscal year 2018-19. The company’s sales declined by 28pc YoY, while earnings per share deteriorated from Rs92.69 in the previous year to Rs-70.42 in the current period.

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