Stocks extend gains with 370-point rally

KARACHI: The Pakistan Stock Exchange (PSX) continued to accumulate gains on Thursday, with the benchmark KSE-100 Index adding over 500 points intraday. Foreign investors remained net sellers in the preceding session with a net outflow of $1.93 million.

According to latest data released by the All Pakistan Cement Manufacturers Association (APCMA), domestic cement sales increased by 5.11pc YoY to 3.54MT in November 2019, while exports surged by 43.53pc to 0.81MT. Local consumption in the northern region was recorded at 2.98MT whereas exports from the area came in at 0.26MT. The south region, on the other hand, recorded consumption of 0.56MT and exports of 0.54MT.

Meanwhile, Pakistan’s liquid foreign exchange reserves held by the State Bank of Pakistan increased by 2.66pc or $415 million to $15,993 million (as on 29th November). The reserves on 22nd November stood at $15,578 million.

Gaining 538.79 points, the benchmark KSE-100 Index recorded its intraday high at 40,809.31. It closed higher by 370.58 points at 40,641.10. The KMI-30 Index gained 694.12 points to close at 63,971.34, while the KSE All Share Index accumulated 277.17 points, ending at 28,711.70.

The overall trading volumes improved from 393.08 million in the previous session to 507.90 million (+29pc). Unity Foods Limited (UNITY +0.61pc) was the volume leader of the session, followed by Fauji Cement Company Limited (FCCL +5.05pc) and Maple Leaf Cement Factory Limited (MLCF -0.82pc). The script had exchanged 35.24 million, 34.08 million and 20.52 million shares, respectively.

Sectors that helped the KSE-100 Index extend rally included banking (+105.03 points), oil and gas exploration (+79.95 points) and oil and gas marketing (+55.05 points). Among the companies, Pak Petroleum Limited (PPL +52.89 points), Habib Bank Limited (HBL +41.92 points) and Pakistan State Oil Company Limited (PSO +27.72 points) remained the top contributors to the index.

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