Bulls regain control as KSE-100 crosses 37,000-mark

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KARACHI: After a lacklustre display in the previous session, the Pakistan Stock Exchange (PSX) rebounded on Thursday, with the benchmark KSE-100 crossing the 37,000-mark amid increased investor participation.

Global equity markets, on the other hand, showed mixed sentiments, while Crude oil prices slipped lower from the previous close; WTI crude oil prices declining 1.12pc to $40.73 and Brent crude oil price dipping 0.73pc to $43.46.

“The cement sector led the PSX rally on Thursday, mainly on the back of yesterday’s inauguration of Diamer-Bhasha Dam and optimism with respect to the PM’s housing scheme,” said a report issued by AHL Research. “Foreign investors have largely remained net sellers, whereas, among local investors, insurance companies and High Networth Individuals (HNIs) have taken the majority of float.”

MARKET SUMMARY

The KSE-100 remained in the green throughout the day, registering its intraday high at 37,029.25 after gaining 350.22 points. It settled higher by 322.41 points or 0.88pc at 37,001.44.

Among other indices, the KMI-30 Index accumulated 825.30 points to end at 59,888.10, while the KSE All Share Index added 272.83 points, closing at 26,461.91. Of the total traded shares, 202 advanced and 131 declined.

The overall market volumes jumped from 328.15 million shares in the previous session to 402.55 million (+23pc). Average traded value also increased by 13pc, from $84.8 million to $96.2 million. JS Bank Limited (JSBL +12.77pc), Maple Leaf Cement Factory Limited (MLCF +1.63pc) and Pak Elektron Limited (PAEL +1.84pc) led the volume chart, exchanging 31.68 million, 24.85 million and 24.12 million shares, respectively.

Sectors that drove the index north included oil & gas exploration (+66.12 points), cement (+65.83 points) and banking (+46.34 points). Among the companies, Lucky Cement Limited (LUCK +38.09 points), Pak Petroleum Limited (PPL +37.25 points) and Habib Bank Limited (HBL +32.18 points) remained the top contributors.

Adding 3.54pc to its cumulative market capitalization, the automobile assembling sector turned out to be the biggest gainer of the day, with Indus Motor Company Limited (INDU +4.09pc), Millat Tractors Limited (MTL +4.58pc) and Pakistan Suzuki Motors Company Limited (PSMC +5.42pc) taking significant strides forward.

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