Stocks add 406 points to overnight gains

KARACHI: Bulls extended their stay at the Pakistan Stock Exchange (PSX) on Tuesday, as the indices continued to amass gains throughout the day amid a surge in volumes. 

Equity markets around the world also showed a positive trend, whereas global oil prices remained mixed; WTI crude oil price dropped 0.29pc to $41.48 while Brent crude oil price climbed 0.16pc to $43.97.

“The banking sector once again remained in the limelight, with further backing from cement, refinery, textile and chemicals. Selling pressure was largely observed in the exploration & production and fertiliser sectors, but this did not affect the market sentiment,” said a report issued by Arif Habib Ltd. “Despite the fact that Eid is round the corner, investors look optimistic considering the ongoing results season, especially due to banks.” 

The benchmark KSE-100 Index moved north right from the word go, touching its intraday high at 38,700.96 after accumulating 479.80 points. It settled higher by 406.11 points at 38,627.27. 

Among other indices, the KMI-30 Index gained 721.85 points to close at 61,633.37, while the KSE All Share Index added 225.05 points, ending at 27,253.42. Of the total traded shares, 214 advanced and 121 declined.

The overall trading volumes improved from 288.10 million shares in the previous session to 393.10 million shares (+37pc). Average traded value also increased by 22pc, from $79.7 million to $97.3 million. Pak Elektron Ltd (PAEL +0.45pc), Maple Leaf Cement Factory Limited (MLCF +3.68pc) and The Bank of Punjab (BOP +3.45pc) led the volume chart, exchanging 26.22 million, 26.10 million and 23.40 million shares, respectively.

Sectors that kept the benchmark index in green included banking (175.09 points), cement (70.39 points) and technology (29.68 points). Among the companies, Meezan Bank Ltd (MEBL 42.97 points), Lucky Cement Ltd (LUCK +40.65 points) and Bank AL Habib (BAHL 31.88 points) remained the top contributors.

Adding 4.62pc to its total market capitalization, the refinery sector turned out to be the session’s top gainer, with Byco Petroleum Pakistan Ltd (BYCO 2.88pc), National Refinery Ltd (NRL 7.50pc), Attock Refinery Ltd (ATRL 6.80pc) and Pakistan Refinery Ltd (PRL 5.67pc) posting decent gains.

On the financial side, Nishat Power Ltd (NPL +0.76pc) declared earnings per share of Rs13.959 for FY20 (Rs10.646 in FY19), while Nestle Pakistan Ltd (NESTLE -2.10pc) recorded an EPS of Rs42.71 for the second quarter of FY20 (Rs48.46 last year).