Stocks add 319 points as volume hits year-high

KARACHI: Maintaining its positive momentum from last week, the Pakistan Stock Exchange (PSX) remained in the green throughout the session on Monday, with volumes crossing 500 million for the first time since December 2019. 

“The benchmark index witnessed record volumes today, thanks to a surge in activity in cement and power stocks,” said a report issued by AHL Research. “Also, expectations of a further rate cut by the State Bank of Pakistan, a meeting for which is likely to be held in the last week of this month, kept the momentum going at the PSX.” 

MARKET SUMMARY

In line with the recent trend, the KSE-100 Index remained in the green throughout the day, registering its intraday high at 37,741.15 after accumulating 410.30 points. It settled higher by 319.72 points at 37,650.57. 

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Among other indices, the KMI-30 Index surged 530.75 points to close 60,795.53, while the KSE All Share Index gathered 144.75 points, ending at 26,885.96. Of the traded scrips, 233 advanced and 120 declined.

Sectors that painted the benchmark index green included power generation & distribution (+72.88 points), cement (+47.85 points) and oil & gas exploration (+28.10 points). Among the companies, Hub Power Company Ltd (HUBC +56.09 points), Fauji Cement Company Ltd (FCCL +24.54 points) and TRG Pakistan Ltd (TRG +19.18 points) remained the contributors.

The overall trading volumes jumped from 466 million shares in the previous session to 553.71 million shares, the highest level recorded since December 2019. Average traded value also increased by 23pc, from $94.1 million to $116 million. Hascol Petroleum Ltd (HASCOL -0.57pc), TRG Pakistan Ltd (TRG +5.37pc) and Maple Leaf Cement Factory Ltd (MLCF +1.76pc) topped the volume chart, exchanging 32.52 million, 27.55 million and 22.10 million shares, respectively.

Adding 5.41pc to its cumulative market capitalisation, the refinery sector once again remained the top gainer of the session, with Byco Petroleum Pakistan Limited (BYCO +3.92pc), Attock Refinery Limited (ATRL +7.27pc), Pakistan Refinery Limited (PRL +7.44pc) and National Refinery Limited (NRL +7.49pc) posting decent gains.

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