Stocks extend rally into fifth day, index up 295 points

KARACHI: Extending its gains from the previous session, the Pakistan Stock Exchange (PSX) closed in the green zone for the fifth consecutive session on Wednesday.

Foreign investors continued with their selling pattern on Tuesday with a net outflow of $1.51 million.

Accumulating 626.90 points, the KSE-100 Index marked its intraday high at 35,985.21. It closed higher by 295.02 points or 0.83pc at 35,653.33. The KMI-30 Index gathered 579.81 points or 0.99pc to settle at 58,392.55, while the KSE All Share Index gained 269.23 points, ending at 25,551.19. Out of the total traded scripts, 230 advanced and 109 declined.

The overall volumes remained healthy and were recorded at 297.64 million. Worldcall Telecom (WTL +0.68pc) topped the volume chart, followed by Fauji Cement Company Limited (FCCL +3.41pc) and K-Electric Limited (KEL +1.30pc). The scripts had exchanged 15.80 million, 15.66 million and 14.70 million shares, respectively.

Sectors that drove the index north included cement (+52.82 points), investment banking (+45.24 points) and fertiliser (+25.25 points). Among the companies, Dawood Hercules Corporation Limited (DAWH +41.74 points), Pakistan Tobacco Company Limited (PAKT +30.51 points) and Pak Petroleum Limited (PPL +22.48 points) remained the top contributors to the index.

The refinery sector added 6.52pc in its cumulative market capitalization. Byco Petroleum Pakistan Limited (BYCO +7.29pc), Pakistan Refinery Limited (PRL +5.03pc), Attock Refinery Limited (ATRL +4.84pc) and National Refinery Limited (NRL +4.36pc) closed with decent gains.

Similarly, the cement sector gained 2.60pc in its total market capitalization. D G Khan Cement Company Limited (DGKC +2.43pc), Lucky Cement Limited (LUCK +1.84pc) and Bestway Cement Limited (BWCL +4.50pc) remained positive throughout the session.

Agritech Limited (AGL +3.63pc), in a notification sent to the exchange, announced that the company has closed its Hazara Phosphate Plant temporarily due to planned PESCO power outages and constraints on Rock Phosphate supplies.

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