Stocks extend rally with 219-point gain

The Pakistan Stock Exchange’s (PSX) KSE 100 index on Thursday, closed higher by 219.35 points at 41,081.94 points compared to 40,862.59 on Wednesday.

Meanwhile, the KMI 30 index added 110.06 points on Wednesday and closed the day at 65,588.43 points while the KSE All Share index appreciated by 299.211.99 points before settling at 28,777.36 points.

On the economic front the government has decided to keep gas prices unchanged for the time being, despite Oil and Gas Regulatory Authority’s (OGRA) decision to reduce gas prices by 6 per cent from July 1. According to an earlier notification, OGRA had reduced the price of gas for Sui Northern Gas Pipeline Limited (SNGPL) consumers by 6 per cent and Sui Southern Gas Company (SSGCL) consumers by 5.68 per cent.

According to the latest figures released by the State Bank of Pakistan (SBP) the central government’s debt surged by 10.44 per cent to Rs35,106 billion in June 2020. Out of the total debt 66 per cent is from domestic sources and 34 percent is from external sources.

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Moreover, Daily Special Convertible Rupee Accounts (SCRA) position showed a net outflow of $20.59 million as on August 25, 2020.

Overall stock market volumes improved from 507.95 million shares in the last session to 544.63 million shares. The Bank of Punjab (BOP -3.89 per cent) topped the volume chart with 39.73 million shares exchanged, followed by TRG Pakistan Limited (TRG +6.23 per cent) and K-Electric Limited (KEL +2.11 per cent). The scrips had 36.93 million shares and 28.45 million shares traded respectively.

Sectors contributing most points to the KSE 100 index included technology and communication sector (50.23 points), cement sector (35.03 points) and power generation and distribution sector (34.07 points). Company-wise, TRG Pakistan Limited (TRG 36.74 points), Hub Power Company Limited (HUBC 29.57 points) and Colgate Palmolive Limited (COLG 26.89 points) added most points to the index.

The power generation and distribution sector gained 1.48 per cent in its cumulative capitalisation. Hub Power Company Limited (HUBC +1.62 per cent), K-Electric Limited (KEL +2.11 per cent) and Pakgen Power Limited (PKGP +6.36 per cent) all closed positive.

Saif Power Limited (SPWL +5.78 per cent) announced an Earnings per Share (EPS) of Rs1.44 for 2QFY20 as compared to Rs2.07 in the same period of last year. The company also announced interim cash dividend of Rs1.25.

The Bank of Punjab (BOP -3.89 per cent) published an EPS of Rs0.81 (2QFY20) as compared to Rs0.80 in the same period of last year.

Nimir Resins Limited (NRSL -2.52 per cent) declared an EPS of Rs0.45 for FY20 compared to Rs0.54 in FY19.

Global equity markets on the other hand saw a negative trend. Crude oil prices also slipped lower with WTI crude oil price falling by -0.30 per cent to $43.25 while brent crude oil price declined by -0.09 per cent to $46.12.

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