KSE-100 welcomes FY21 with 485-point rally

KARACHI: The Pakistan Stock Exchange (PSX) greeted the financial year 2020-21 (FY21) with positivity, as the benchmark index extended its rally from the previous session, closing the session around 90 points shy of the 35,000-mark.

“The cement sector led the market rally on Wednesday, mainly on back of the recent increase in the per-bag price of cement and reduction in federal excise duties,” said a statement by Arif Habib Ltd. “Owing to an increase in international crude prices, exploration & production remained the second most important contributor to the index, while oil marketing companies (primarily PSO) also gained from the recent increase in the retail price of POL products.”

The KSE-100 Index followed a steady path throughout the session, registering its intraday high at 34,924.29 after gaining 502.37 points. It settled higher by 485.27 points or 1.41pc at 34,907.19.

Among other indices, the KMI-30 Index surged by 1,598.55 points to close at 56,593.80, while the KSE All Share Index added 336 points, settling at 24,996.90. The advancers-to-decliners ratio was recorded at 209 to 109.

The overall market volumes appreciated from 223.16 million shares in the previous session to 315.52 million shares (+41pc). Average traded value also increased by 42pc, from $44.6 million to $63.5 million. K-Electric Limited (KEL +8.97pc), Hum Network Limited (HUMNL +7.97pc) and TRG Pakistan Limited (TRG +7.47pc) led the volume chart, exchanging 39.11 million, 30.68 million and 26.47 million shares, respectively.

Sectors that drove the index north included cement (+182.98 points), oil & gas exploration (+127.77 points) and power generation & distribution (+77.47 points). Among the companies, Lucky Cement (LUCK +95.90 points), Oil and Gas Development Company (OGDC +71.80 points) and Hub Power Company (HUBC +59.55 points) remained the top contributors to the index.

Adding 6.36pc to its market capitalisation, the cement sector closed the session as the top gainer, with Lucky Cement Limited (LUCK +7.22pc), DG Khan Cement Company Limited (DGKC +7.49pc) Bestway Cement Limited (BWCL +7.50pc) closing in the green.

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Ariba Shahid
Ariba Shahid
The author is a business journalist at Profit. She can be reached at [email protected] or at twitter.com/AribaShahid
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