Stocks gain 151 points in range-bound session

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KARACHI: The Pakistan Stock Exchange (PSX) moved within a narrow range on Monday, with the benchmark KSE-100 Index managing to gain some territory amid lack of triggers.

“Exploration & production, oil & gas marketing, chemical, cement and pharma sectors fared comparatively well today. However, the fertiliser sector bore price loss on the back of profit booking,” said a report issued by Arif Habib Ltd. 

The KSE-100 Index remained volatile throughout the day, registering its intraday low at 35,002.11 (-49.27 points) and intraday high at 35,122.61 (+187.43 points). It finally settled higher by 151.39 points at 35,202.77.

Among other indices, the KMI-30 Index gathered 146.10 points to close at 56,605.42, while the KSE All Share Index accumulated 162.77 points, ending at 25,249.79. Of the total traded scripts, 224 advanced and 87 declined.

The overall market volumes increased from 175.7 million shares in the previous session to 332.2 million shares (+89pc), of which 228.83 million belonged to the KSE-100 scripts. Average traded value also increased by 66pc, from $40.4 million to $67 million.

TRG Pakistan Limited (TRG +2.92pc), Pak Elektron Limited (PAEL +7.48pc), and Lotte Chemical Pakistan Limited (LOTCHEM +9.83pc) topped the volume chart, exchanging 37.70 million, 37.66 million and 30.84 million shares, respectively.

Analysts attributed the surge in volumes to the “shortened trading hours on Friday”, which allowed the market to “regain momentum on the first day of the week”.

Sectors that kept the benchmark in green included oil & gas exploration (+42.65 points), cement (+36.28 points), and oil & gas marketing (+26.73 points). Among the companies, Pak Petroleum Limited (PPL +17.70 points), Pakistan State Oil Company Limited (PSO +16.60 points), and Indus Motor Company Limited (INDU +14.24 points) remained the top contributors.

Adding 5.36pc to its cumulative market capitalization, the refinery sector turned out to be the top gainer of the session, with Attock Refinery Limited (ATRL +7.50pc), Byco Petroleum Pakistan Limited (BYCO +3.92pc), National Refinery Limited (NRL +7.49pc) and Pakistan Refinery Limited (PRL +7.16pc) accumulating decent gains.

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