Stocks extend rally, index closes 340 points higher

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KARACHI: Keeping up with the growth momentum, the Pakistan Stock Exchange (PSX) ended the week on a positive note, as the indices marched forward while volumes inflated further.

The benchmark KSE-100 Index’s one-week return was recorded at +4.54pc. Foreign investors broke their six-day buying streak and closed as net sellers on Thursday with a net outflow of $0.107 million.

According to latest data released by the State Bank of Pakistan, the country’s liquid foreign exchange reserves closed flat for the week ended November 7, 2019. Reserves stood at $15,502 million as against $15,518 million on November 1, 2019. Moreover, Pakistan’s trade deficit fell by 34pc in the first four months of the current fiscal year and was recorded at $7,776 million. Imports of the country contracted by 19pc, whereas exports posted a minor gain of 3.81pc.

Gathering 391.55 points, the KSE-100 Index recorded an intraday high at 37,634.75 shortly before the close. It ended higher by 367.73 points at 37,610.93. The KMI-30 Index surged by 563.74 points to close at 61,296.71, while the KSE All Share Index appreciated by 306.49 points, settling at 26,746.40. Out of the total traded shares, 273 advanced while 89 declined.

The overall trading volumes improved from 336.02 million in the previous session to 368.40 million. The Bank of Punjab (BOP +4.62pc), Maple Leaf Cement Factory Limited Right shares (MLCFR1 +11.57pc) and Dost Steels Limited (DSL +16.78pc) led the volume chart. The scripts had exchanged 36.23 million, 24.99 million and 20.90 million shares, respectively.

Sectors which drove the KSE-100 Index uphill included banking (+82.53 points), oil and gas exploration (+50.42 points) and investment banking (+35.21 points). Among the companies, Habib Bank Limited (HBL +28.61 points), Dawood Hercules Corporation Limited (DAWH +26.90 points) and Pakistan State Oil Company Limited (PSO +21.58points) remained the top contributors to the index.

In a notification to the exchange, Service Industries Limited (SRVI +5.00pc) announced that the company would set up a greenfield project to undertake manufacturing and sale of truck & bus radial category of tyres in Pakistan to serve domestic and foreign markets. The company shall enter into a joint venture with Chaoyang Long March Tyre Co Ltd (LM) of China & Myco Corporation of Pakistan (MC). The investment would be worth $30.6 million.

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