Bull run continues as KSE-100 surges over 1,000 points 

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KARACHI: Bulls of the Pakistan Stock Exchange (PSX) continued with the positive momentum on Thursday, as the indices accumulated gains all-day long, helping the benchmark KSE-100 Index cross the 42,000 mark.

Foreign investors remained net sellers in the previous session with a net outflow of $1.88 million.

The KSE-100 index closed the previous year as one of the best-performing indices in the region with a 10pc return. This news particularly bolstered investor sentiments and sparked a rally on the very first trading session of the year and continued for the second day as well.

Meanwhile, the inflation reading for the month of December was largely in line with market expectations hence the mood at the bourse remained unchanged during the day.

Inflation clocked in at 12.63pc in December 2019 against the market expectations of 12.8-13pc.

Gaining 1,143.73 points, the KSE-100 index recorded its intraday high at 42,543.73. It ended higher by 1,080.76 points at 42,480.76. The KMI-30 Index clenched 1,999.88 points or 2.98pc to close at 69,068.76, while the KSE All Share Index added 593.00 points, ending at 29,872.97.

The overall market volumes inflated from 330.74 million in the previous session to 412.35 million. Shares worth Rs17.06 million were traded in Thursday’s session. K-Electric Limited (KEL +0.21pc), The Bank of Punjab (BOP +2.64pc) and Pak Elektron Limited (PAEL +2.33pc) led the volume chart, exchanging 46.83 million, 27.92 million and 21.48 million shares, respectively.

Sectors that helped the index accumulate gains included banking (+331.63 points), oil and gas exploration (+132.75 points) and power generation & distribution (+107.26 points). Among the companies, Hub Power Company Limited (HUBC +100.53 points), Habib Bank Limited (HBL +84.61 points) and Engro Corporation Limited (ENGRO +82.71 points) remained the top contributors to the index.

The oil and gas marketing sector added +3.11pc in its cumulative market capitalization. Hascol Petroleum Limited (HASCOL +4.99pc), Pakistan State Oil Company Limited (PSO +5.00pc) and Sui Northern Gas Pipeline Limited (SNGP +3.96pc) ended with decent gains.

JDW Sugar Mills Limited (JDWS 0.00pc) released its financials for the year ended September 30th, 2019. A final payout of Rs10 per share was also announced by the company. Sales surged by 31.81pc YoY, while the company’s gross profit margin increased from 8pc to 10.6pc, which improved its earnings per share from Rs-3.40 in FY18 to Rs9.26 in FY19.

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