Stocks extend gains with 816-point rally

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KARACHI: Indices of the Pakistan Stock Exchange (PSX) rallied for the second consecutive session on Wednesday, with the benchmark KSE-100 Index back above the 40,000 mark.

Foreign investors closed the preceding session (on Tuesday) as net sellers, with a net outflow of $1.67 million.

According to latest figures released by the Pakistan Automotive Manufacturers Association (PAMA), passenger car sales declined by 48pc to 10,095 units in January 2020 as compared to 19,353 units in January 2019. However, on a month-on-month basis, car sales witnessed a recovery of 1.08pc.

Gaining 923.33 points, the KSE-100 Index touched its intraday high at 40,637.79. It settled higher by 816.67 points at 40,531.13. Among other indices, the KMI-30 Index accumulated 1,667.36 points to end at 64,954.89, while the KSE All Share Index added 444.19 points, settling at 28,309.35. Out of the total traded scripts, 235 advanced whereas 79 declined.

Sectors that painted the KSE-100 Index green included banking (+199.57 points), oil & gas exploration (+138.98 points) and cement sector(+93.86 points). Among the companies, MCB Bank Limited (MCB +62.13 points), Engro Corporation Limited (ENGRO +61.95 points) and Lucky Cement Limited (LUCK +57.45 points) remained the top positive contributors of the day.

The overall trading volume was recorded at 180.33 million, with Hascol Petroleum Limited (HASCOL +3.40pc), Maple Leaf Cement Factory Limited (MLCF +3.59pc) and Unity Foods Limited (UNITY +2.87pc) leading the volume chart. The scripts had exchanged 16.24 million, 12.13 million and 10.55 million shares, respectively.

On the market front, Pakistan International Airlines Corporation Limited (PIAA +4.49pc) reported its financial performance for the second quarter of FY19. The airline reported a loss of Rs37.89 billion for the first half of FY19 as compared to Rs-32.41 billion in the same period last year. On a quarterly basis, it recorded a loss of Rs-26.04 bn for 2QFY19 as compared to Rs-18.72 billion last year.

Meanwhile, Meezan Bank Limited (MEBL +0.53pc) announced its financial results for FY19. The bank’s revenue surged by 94pc to Rs94.27 billion, increasing its gross profit by 65pc YoY. The bank’s earnings per share improved from Rs6.97 in FY18 to Rs11.84.

Also, Cherat Cement Company Limited (CHCC +3.18pc) published its financials for 2QFY20. the company’s EPS decreased from Rs3.07 in 2QFY19 to Rs-1.14 in 2QFY20.

NetSol Technologies Limited (NETSOL +0.17pc) announced an EPS of Rs1.55 for 2QFY20 as compared to Rs-0.56 last year.

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