Stocks extend rally into eighth day

KSE-100 gains 170 points as investor participation remain upbeat

KARACHI: The Pakistan Stock Exchange (PSX) continued with its winning streak for the eighth day on Tuesday as investor participation remained upbeat. 

“Exploration & production, oil & gas marketing, cement and banking sectors remained in the limelight amid improved investor sentiment,” said a report issued by Arif Habib Ltd. “However, after putting up a decent show a day earlier, refinery and chemical stocks witnessed profit booking on Tuesday.”

The benchmark KSE-100 Index remained in the green zone throughout the day, registering its intraday high at 35,472.68 after gaining 269.91 points. It settled higher by 170.58 points at 35,373.35.

Among other indices, the KSE-30 Index inched up 34.33 points, while the KSE All Share Index gathered 111.52 points. Of the total traded scrips, 189 advanced, 137 declined while the value of 214 remained unchanged.

Article continues after this advertisement

The overall market volumes increased from 332.2 million in the previous session to 333.9 million (+0.4pc). Average traded value, however, surged by 9pc, from $66.9 million to $73.2 million. Pak Elektron Limited (PAEL -0.04pc), Hascol Petroleum Limited (HASCOL +3.34pc) and Lotte Chemical Pakistan Limited (LOTCHEM -2.44pc) led the volume chart, exchanging 32.97 million, 31.52 million and 24.13 million shares, respectively.

Sectors that painted the index green included commercial banks (+61.30 points) and automobile assemblers (+43.38 points), with Bank Alfalah Limited (BAFL +3.87pc) contributing 20.26 points, United Bank Limited (UBL +1.34pc) 15.27 points and Indus Motor Company Limited (INDU +7.50pc) 23.35 points.

Meanwhile, the cement sector rallied 1.13pc after the All Pakistan Cement Manufacturers Association (APCMA) declared despatches for the month of June 2020. This meant that Cherat Cement Company Limited (CHCC +3.34pc), Pioneer Cement Limited (PIOC +3.25pc) and Fauji Cement Company Limited (FCCL +2.26pc) closed with decent gains.

- Advertisement -
Ariba Shahid
Ariba Shahid
The author is a business journalist at Profit

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

Import of Indian cotton likely to be resumed

Pakistan may allow cotton import from India through land route as prospects of gradual restoration of bilateral trade ties have brightened after the new...