Stocks rebound with 229 points rally

LAHORE: Recovering the losses made in the previous session, the Pakistan Stock Exchange (PSX), on Friday, gained 229.86 points finally settling at 33,939.49 points by the end of the day. 

Positive sentiments prevailed at the exchange as the State Bank of Pakistan (SBP) slashed interest rates by 100 bps to 7 per cent yesterday.

The KSE100 index appreciated by +319.14 points marking its intraday high of 34,028.77. It settled with a gain of +229.86 points at 33,939.49. 

On a Week on Week (WoW) basis the KSE 100 index recorded an appreciation of 1.5 per cent. 

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The KMI 30 index was up by +520.18 points ending the day at 54,584.65. 

The KSE All Share index gathered +81.06 points closing at 24,254.22. Out of total shares traded, 150 advanced and 136 declined on Friday.

Overall market volumes appreciated from 168.42 million shares in last session to 198.19 million shares. Shares worth Rs6.78 billion were traded on Friday. 

Maple Leaf Cement Factory Limited (MLCF +4.26 per cent), Pakistan Refinery Limited right shares (PRL1 -31.08 per cent) and DG Khan Cement Company Limited (DGKC +6.82 per cent) led the volume chart. The scrips had 15.20 million shares, 13.03 million shares and 12.61 million shares traded, respectively.

Sectors adding gains to the KSE100 index included fertilizer sector (+109.19 points), cement sector (+93.15 points) and the pharmaceutical sector (+43.21 points). Company-wise, Fauji Fertilizer Company Limited (+57.03 points), Hub Power Company Limited (HUBC +42.90 points) and Engro Corporation Limited (ENGRO +39.80 points) were top points contributors on Friday.

The cement sector gained +2.73 per cent in its cumulative market capitalisation. Lucky Cement Limited (LUCK +2.45 per cent), DG Khan Cement Company Limited (DGKC +6.82 per cent) and Bestway Cement Limited (BWCL +1.41 per cent) all closed positive.

Samba Bank Limited (SBL +13.81 per cent) in a notification informed that the bank’s parent Samba Financial Group (holding 84.51 per cent of SBL) has entered into a Framework Agreement with National Commercial Bank of Kingdom of Saudi Arabia in order to begin a reciprocal due diligence process, and to negotiate definitive and binding terms of potential merger of Samba (KSA) and National Commercial Bank (KSA).

Global equity markets also showed a positive trend. Crude oil prices also moved north with WTI crude oil price up to $38.81 (+0.26 per cent) while Brent crude oil price appreciated to $41.21 (+0.39 per cent) 

According to the latest date published by SBP, the country’s liquid foreign exchange reserves fell by 45 million to $16,730 million as on June 19. 

Previously, reserves clocked in at $16,775 million as on June 12. Net Reserves with SBP declined by 1.44 per cent.

Moreover, as per SBP Pakistan has received $500 million from Asian Infrastructure Investment Bank on June 25. This brings the total amount received from multilateral institutions this week to around $1,725 million as reported by the central bank.

 

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