Stocks extend rally, KSE-100 ends 247 points higher

KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed a positive trading session on Wednesday, as indices remained in the green zone all day long amid improved volumes.

Foreign investors remained net buyers for the fourth consecutive session on Tuesday, buying shares worth $1.85 million.

Gaining 440.80 points, the benchmark KSE-100 Index marked its intraday high at 33,639.76. It closed higher by 240.73 points at 33,439.69. The KMI-30 Index surged by 589.96 points to settle at 54,092.83, while the KSE All Share Index accumulated 209.64 points, ending at 24,304.12. Out of the total traded shares, 180 advanced, 118 declined, while the value of 16 remained unchanged.

The overall trading volumes improved from 83.59 million in the previous session to 116.94 million. Worldcall Telecom (WTL -0.98pc), Lotte Chemical Pakistan Limited (LOTCHEM -0.12pc) and Quice Food Industries Limited (QUICE +12.31pc) led the volume chart. The scripts had exchanged 12.56 million shares, 6.77 million shares and 6.65 million shares respectively.

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Sectors that helped the index stay in green included oil and gas exploration (+95.55 points), Fertiliser (+52.27 points) and banking (+44.33 points). Among the companies,  Engro Corporation Limited (ENGRO +41.54 points), Oil and Gas Development Company Limited (OGDC +29.94 points) and MCB Bank Limited (MCB +28.19 points) remained the top contributors to the index.

The refinery sector added 3.05pc to its cumulative market capitalization. Pakistan Refinery Limited (PRL +6.52pc), Byco Petroleum Pakistan Limited (BYCO +3.57pc) and National Refinery Limited (NRL +2.24pc) closed with decent gains.

Rafhan Maize Products Limited (RMPL +2.78pc) announced earnings per share of Rs156.49 for the third quarter of FY19 (Rs131.01 in 3QFY18) along with an interim cash dividend of Rs100. Power giants Lalpir Power Limited (LPL +0.53pc) declared an EPS of Rs1.35 for 3QFY19 (Rs0.22 in 3QFY18), Pakgen Power Limited (PKGP +2.35pc) announced an EPS of Rs2.10 (Rs0.22 in 3QFY18) and Nishat Power Limited (NPL 0.00pc) posted an EPS of Rs3.78 (Rs2.78 in 3QFY18).

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