Stocks rebound amid improved market sentiments

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KARACHI: After a disappointing close to the previous session, the Pakistan Stock Exchange (PSX) turned its direction on Tuesday, with the indices securing modest gains before closing in the green.

Foreign investors ended the previous session (Monday) as net sellers, registering a net outflow of $1.27 million.

“The upcoming data on inflation and rumours of a possible rate cut helped the investors take a positive view on equities,” said an analyst at Arif Habib Ltd. “International crude oil prices edged lower on Tuesday (WTI slipping below $11/bbl), which kept the E&P stocks under pressure. However, the cement sector rebounded as the concerns over cement price/bag dissipated.”

Adding 321.34 points, the KSE-100 Index marked its intraday high at 32,635.91. It closed higher by 238.82 points at 32,553.39.

Among other indices, the KMI-30 Index accumulated 561.99 points to close at 51,890.72, while the KSE All Share Index gained 124.41 points, settling at 22,977.71. Of the total traded shares, 151 advanced while 117 declined.

The overall volumes increased from 122.28 million in the previous session to 157.76 million. Maple Leaf Cement Factory Limited (MLCF +2.97pc) topped the volume chart for the second consecutive session, followed by Unity Foods Limited (UNITY +3.56pc) and DG Khan Cement Company Limited (DGKC +4.15pc). The scrips had exchanged 36.19 million, 20.56 million and 6.65 million shares, respectively.

Sectors that brought positivity to the KSE-100 Index included cement (+93.13 points), power generation & distribution (+46.11 points) and food & personal care products (+45.48 points). Among the companies, Hub Power Company Limited (HUBC +50.06 points), Engro Corporation Limited (ENGRO +36.53 points) and Lucky Cement Limited (LUCK +33.25 points) remained the top contributors to the index.

On the financial side, Pakistan Stock Exchange Limited (PSX 0.00pc) announced earnings per share (EPS) of Rs0.08 for the third quarter of FY20 (Rs0.01 last year), Hub Power Company Limited (HUBC +3.21pc) declared an EPS of Rs3.06 for 3QFY20 (Rs2.35 in 3QFY19), Cherat Cement Company Limited (CHCC +4.80pc) posted an EPS of Rs3.23 for 3QFY20 (Rs6.29 last year), Ghandhara brothers Ghandhara Nissan Limited (GHNL -0.70pc) recorded an EPS of Rs-0.55 for 3QFY20 (Rs0.12 last year), while Ghandhara Industries Limited (GHNI +0.72pc) recorded an EPS of -8.43 for 3QFY20 (Rs0.28 last year).

Similarly, Mari Petroleum Company Limited (MARI +2.46pc) published an EPS of Rs63.54 for 3QFY20 (Rs43.11 last year), whereas Saif Power Limited (SPWL -3.28pc) declared an EPS of Rs2.32 for 1QFY20 (Rs2.22 in 1QFY19).

In a notification to the exchange, Avanceon Limited (AVN +4.01pc) announced that it has entered into a partnership with Parksol to offer “Smart Parking Management Solution” in Pakistan.

Moreover, TPL Properties Limited (TPLP +9.56) informed that the Securities and Exchange Commission of Pakistan (SECP) has approved “form-35” filed by TPLP for amalgamation of Centrepoint Management Services (Pvt) Ltd with and into TPLP as approved by BoDs of both companies.

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