PSX gains 310 points amid improved market sentiment

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KARACHI: The Pakistan Stock Exchange (PSX) managed to end the session on Tuesday with decent gains, as the indices traded in the green zone for most part of the day amid improved volumes.

On the economic front, the Pakistani Rupee improved by Rs2 to Rs158 against the US Dollar in the interbank market intraday.

Moreover, Pakistan’s inflation rate declined to 8.89pc in June 2019 as compared to 9.11pc in May 2019 and 5.21pc in June 2018. On a monthly basis, the CPI increased by 0.36pc in June as compared to 0.78pc in May.

After a slow start to the day, the KSE-100 Index touched its intraday low of 33,918.97 during the initial hours of the trading session. The index then picked up momentum and after gathering 343.90 points reached its day’s high of 34,340.23. It finally settled higher by 310.78 points at 34,307.11. The KMI-30 Index appreciated by 645.29 points to close at 54,869.10, while the KSE All Share Index gained 114.18 points, ending at 25,109.96.

The overall market volumes surged by 90pc on a daily basis and were recorded at 91.16 million (48.05 million in the previous session). K-Electric Limited (KEL +0.92pc), TRG Pakistan Limited (TRG +5.01pc) and Lotte Chemical Pakistan Limited (LOCTHEM +5.79pc) topped the volume chart. The scripts had traded 13.56 million shares, 8.38 million shares and 6.97 million shares respectively.

According to the latest data released by Pakistan Bureau of Statistics (PBS), the export of cement fell by 22pc on a monthly basis during May 2019 and 18pc on a yearly basis. The exports were recorded at $17.05 million in May 2019 as against $20.78 million in May 2018.

The cement sector added 1.54pc to its cumulative market capitalization. DG Khan Cement Company Limited (DGKC) was up by +2.89pc, Lucky Cement Limited (LUCK) by +1.66pc, Fauji Cement Company Limited (FCCL) by +1.98pc and Maple Leaf Cement Factory Limited (MLCF) by +2.81pc.

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