PSX records 339 points gain amid high turnover

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KARACHI: After a slow start to the day, the Pakistan Stock Exchange (PSX) was back on track to end the session on Thursday in green.

On the economic front, the federal government approved Rs270 billion for settlement of circular debt and for expenditure on various ministries. It also decided to discontinue Rs3 per unit electricity subsidy for local industries.

Adding 405.42 points, the KSE-100 Index benchmark touched its intraday high of 35,061.54. The index closed the session higher by 339.79 points at 34,995.91. The KMI-30 Index gained 788.12 points to end at 56,223.50, while the KSE All Share Index appreciated by 160.20 points to close at 25,520.76. Out of the total traded shares, 204 advanced, 106 declined while the value of 15 remained unchanged.

Trading volumes surged from 99.35 million in the preceding session to 163.03 million (up by 64pc). Summit Bank Limited (SMBL +1.56pc) topped the volume chart with 19.37 million shares exchanging hands, followed by Worldcall Telecom (WTL +5.33pc) and Jahangir Siddiqui & Company Limited (JSCL -2.40pc). The scrips had swapped 17.18 million shares and 10.44 million shares respectively.

According to a notification sent to the exchange, the management of Hi-Tech Lubricants Limited (HTL -1.87pc) announced that Oil and Gas Regulatory Authority (OGRA) has granted the company a licence for marketing and sale of petroleum products in Punjab. It also informed about the operations of HTL’s new oil storage facility at Sahiwal.

The management of Attock Cement (Pakistan) Limited (ACPL +3.15pc) also announced the installation of a Captive Solar Power Plant of seven megawatts at its existing factory premises.

The automobile sector bounced back to gain 2.44pc in its cumulative market capitalization. Pakistan Suzuki Motors Company Limited (PSMC +5.00pc) and Honda Atlas Cars (Pakistan) Limited (HCAR +5.00pc) touched their upper caps, while Indus Motor Company Limited (INDU +2.62pc), Millat Tractors Limited (MTL +1.38pc) and Hinopak Motors Limited (HINO +2.36pc) ended with decent gains.

The cement sector added +1.97pc in its total market capitalization. DG Khan Cement Company Limited (DGKC +4.09pc), Fauji Cement Company Limited (FCCL +2.46pc) and Lucky Cement Limited (LUCK +1.21pc) all closed in green.

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