Stocks accumulate 428 points as PSX rally enters 12th day

KARACHI: The Pakistan Stock Exchange (PSX) rallied for the 12th successive session on Monday, with the indices accumulating decent gains amid record investor participation. 

“The first day after the resumption of normal trading hours brought increased investor participation, as market volumes at 468 million remained the highest recorded so far in CY20,” said a report issued by AHL Research. “Cement and steel sectors once again led the rally, with a majority of the cement scrips closing at or near upper circuits, mainly on back of the recently announced housing scheme, an increase in retail price per bag, and a decline in coal prices.” 

The benchmark KSE-100 Index remained in the green zone throughout the day, mark its intraday high at 36,722.13 after gaining 531.73 points. It settled higher by 428.17 points at 36,618.57. 

Among other indices, the KMI-30 Index gathered 1,272.31 points or 2.21pc to end at 58,926.68, while the KSE All Share Index added 247.29 points, closing at 26,089.11. Of total shares traded scrips, 207 advanced and 140 declined.

The overall market volumes increased from 292.7 million shares in the previous session to 468.9 million shares (+60pc). Average traded value also increased by 94pc, from $57.5 million to reach $111.4 million. Maple Leaf Cement Factory Limited (MLCF +5.12pc), Pak Elektron Limited (PAEL +4.31pc) and TRG Pakistan Limited (TRG +4.18pc) led the volume chart, exchanging 76.45 million, 21.92 million and 21.22 million shares, respectively. 

Sectors that drove the benchmark index north included cement (+162.99 points), oil & gas marketing (+56.33 points), and oil & gas exploration (+50.32 points). Among the companies, Lucky Cement Ltd (LUCK +57.21 points), Pakistan State Oil (PSO +42.39 points) and DG Khan Cement (DGKC +34.25 points) remained the top contributors.

The cement sector, which accounted for approximately 30pc of the total volume, gained 4.88pc in its cumulative market capitalization, with DG Khan Cement Company Ltd (DGKC +7.31pc), Lucky Cement Ltd (LUCK +4.00pc), Bestway Cement Ltd (BWCL +5.07pc) and Fauji Cement (FCCL +4.78pc) posting decent gains.