Stocks gain 204 points amid improved sentiments

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KARACHI: It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak. Indices traded in the green zone for the most part of Monday while volumes remained at par with previous weeks’ average.

Foreign investors emerged as net buyers in the outgoing week (Oct 21- 25) after four consecutive weeks as net sellers. A net inflow of $2.78 million was recorded.

The benchmark KSE-100 Index recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 (up by 350.89 points). It settled higher by 204.13 points at 33,861.59. The KMI-30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78. Out of the total traded scripts, 198 advanced, 112 declined while the value of 19 remained unchanged.

The overall trading volumes were recorded at 135.63 million. Pakistan International Bulk Terminal Limited (PIBTL +2.97pc), TRG Pakistan Limited (TRG +6.13pc) and Fauji Cement Company Limited (FCCL +5.63pc) led the volume chart. The scripts had exchanged 12.67 million shares, 7.65 million shares and 7.04 million shares respectively.

Sectors that guided the index north included cement (+72.35 points), banking (+66.49 points) and oil and gas marketing (+31.63 points). Among the companies, Lucky Cement Limited (LUCK +28.53 points), Habib Bank Limited (HBL +26.77 points) and Bank AL Habib Limited (BAHL +20.81 points) emerged as the top contributors to the index.

Shifa International Hospitals Limited (SHFA -0.41pc) reported earnings per share of Rs9.94 for the first quarter of FY20 (Rs2.45 in 1QFY19), Hum Network Limited (HUMNL -1.61pc) declared an EPS of Rs-0.32 (Rs-0.17 in 1QFY19), while Hi-Tech Lubricants Limited (HTL -5.00pc) posted an EPS of Rs-2.19 (Rs-1.76 in 1QFY19).

Meanwhile, Ghandhara Industries Limited (GHNI +5.00pc) and Ghandhara Nissan Limited (GHNL +4.98pc) reported earnings per share of Rs0.32 and Rs-0.27 for 1QFY20, whereas Sazgar Engineering Works Limited (SAZEW +0.05pc) announced an EPS of Rs0.38 (Rs1.36 in 1QFY19).

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