Stocks stage 417-point comeback rally

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KARACHI: After a lacklustre performance in the previous session, the Pakistan Stock Exchange staged a rally on Tuesday, with the indices ending in the green zone.

Foreign investors remained net sellers on Monday with a net outflow of $0.345 million.

The benchmark KSE-100 Index, which opened the day at 39,408.62, sunk to its intraday low at 39,084.86 after losing 211.84 points. The index then changed its direction and headed south to reach its intraday high at 39,985.96 (+689.26 points). It finally settled higher by 417.76 points at 39,714.46.

Among other indices, the KMI-30 Index gained 1,036.84 points to end at 63,287.53, while the KSE All Share Index appreciated by 344.81 points, closing at 27,865.16.

Sectors that added positivity to the index included power generation & distribution (+91.09 points), oil & gas exploration (+88.87 points) and cement (+73.44 points). Among the companies, Hub Power Company Limited (HUBC +85.95 points), Lucky Cement Limited (LUCK +31.26 points) and Pakistan Tobacco Company Limited (PAKT +29.37 points) remained the top positive contributors of the day.

Market participation for KSE All Share Index clocked in at 161.53 million (-10.6pc). Daily traded value stood at Rs5.27 billion. Hascol Petroleum Limited (HASCOL +4.72pc), Unity Foods Limited (UNITY +12.58pc) and TRG Pakistan Limited (TRG +11.37pc) led the volume chart. The scripts had exchanged 12.85 million, 12.58 million and 11.37 million shares, respectively.

The cement sector added +2.51pc to its cumulative market capitalization, with Maple Leaf Cement Factory Limited (+5.62 pc), D G Khan Cement Company Limited (DGKC +3.03pc) Lucky Cement Limited (LUCK +2.40pc) and Fauji Cement Company Limited (FCCL +3.00pc) closing positively.

On the market front, Pakistan Telecommunication Company Limited (PTC +0.33pc) declared its financials for FY19. The company’s revenue inched up by a meagre 0.39pc while its cost of sales increased by 1.94pc. As a result, the company’s earnings per share decreased from Rs1.46 in FY18 to Rs1.24 in FY19.

 

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