Stocks gain 569pts amid hopes of investment from overseas Pakistanis

LAHORE: The Pakistan Stock Exchange’s (PSX) KSE 100 index on Wednesday, closed higher by 569.77 points at 40,862.59 points.

Meanwhile, the KMI 30 index added 748.87 points on Wednesday and closed the day at 65,478.37 points while the KSE All Share index appreciated by 299.09 points before settling at 28,565.37 points.

According to a report published by Capital Stake, Wednesday was a busy day at the PSX as investors waited for important financial results to be announced. Indices headed north from the word go while volumes remained decent.

According to the report, excitement at the PSX was also fueled by media reports that Pakistan plan’s to allow non-resident Pakistanis to open digital accounts starting next week to allow the diaspora to invest in one of Asia’s best-performing stock markets, buy government debt and conduct basic banking services.

Overall market volumes fell slightly from 535.04 million shares in the last session to 507.74 million shares. Pakistan Refinery Limited (PRL 1.55 per cent) turned out as top traded scrip with a volume of 48.95 million shares, followed by Hascol Petroleum Limited (HASCOL -1.00 per cent) and Kot Addu Power Company Limited (KAPCO +6.52 per cent). The scrips had 36.05 million shares and 18.55 million shares traded, respectively.

Sectors driving the KSE 100 index north included the banking sector (203.39 points), oil and gas exploration sector (85.65 points) and the fertilizer sector (55.15 points). Company-wise, banking players Habib Bank Limited (123.45 points), MCB Bank Limited (61.42 points) and United Bank Limited (48.37 points) were top points contributors.

The banking sector gathered 1.48 per cent in its cumulative market capitalization. MCB Bank Limited (3.18 per cent), Habib Bank Limited (5.88 per cent), Meezan Bank Limited (1.38 per cent) and United Bank Limited (3.55 per cent) all closed in green.

Century Paper and Board Mills Limited (CEPB +7.50 per cent) announced an Earning per Share (EPS) of Rs10.35 for FY20 as compared to Rs5.80 in FY19 along with final cash dividend of Rs1.50. International Steels Limited (ISL +1.19 per cent) declared an EPS of Rs1.14 for FY20 (Rs 6.12 FY19).

Similarly, Attock Cement (Pakistan) Limited (ACPL -2.19 per cent) announced an EPS of Rs8.06 for FY20 as compared to Rs15.09 during the last year. The company also announced a final cash dividend of Rs3.50. Another member of Attock group, Attock Petroleum Limited (APL +3.52 per cent) declared an EPS of Rs10.13 for FY20 as compared to Rs39.79 for FY19.

Pakistan Refinery Limited (PRL +1.55 per cent) in a notification announced that the company’s pipelines were severely damaged due to unusual heavy rains in Karachi. Rainwater washed away a portion of the Piles Bridge carrying intra-city oil pipelines of the Company which connects Keamari Terminal to the refinery at Korangi Creek for transportation of crude oil. The company said that it is accessing the situation so that magnitude of damage can be ascertained.

Global equity markets also saw a positive trend on Wednesday while crude oil prices declined with the price of WTI crude oil falling by 0.42 per cent to $43.17 while the price of brent crude oil dipped by 0.26 per cent to $46.17.

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