Stocks close flat in range-bound session

Benchmark index appreciates 4.72pc in August compared to July 2020

KARACHI: The Pakistan Stock Exchange (PSX) closed the last trading session of the month flat, with the indices moving in a narrow range amid a surge in daily volumes. 

On a month-on-month basis, however, the benchmark KSE-100 Index appreciated by 4.72pc in August and compared to July 2020.  

Equity markets around the world displayed a positive trend on Monday, whereas crude oil prices also moved north; WTI crude price appreciated 1.33pc to $43.54 while Brent crude oil price increased 1.46pc to $46.48.

“The stock market made significant gains in early trade, but selling pressure in banking and fertilizer sectors forced the benchmark index to plunge in the negative territory,” said a report issued by AHL Ltd. “However, the index managed to close slightly in green mainly on the back of a late rally in PPL and OGDC.”

The KSE-100 Index moved within a range of 41,311.06 (+254.84 pts) and 41,016.56 (-39.66 pts) on Monday. It closed flat (+54.71 pts) at 41,110.93. 

Among other indices, the KMI-30 Index gained 329.23 pts to close at 65,651.60, while the KSE All Share Index added 153.15 pts, ending at 28,960.99.

The overall market volumes increased from 238.5 million shares in the previous session to 451.7 million shares (+89pc). Average traded value also surged by 94pc, from $50.2 million to $97.3 million. The volume chart was dominated by BankIslami Pakistan Limited (BIPL +10.46pc), TRG Pakistan Limited (TRG -7.17pc) and Power Cement Limited Right Shares (POWERR1 -66.67pc). The scrips had exchanged 40.93 million, 40.10 million and 32.03 million shares, respectively.

Sectors that kept the benchmark index in the green included cement (67.05 pts), oil & gas exploration (61.40 pts) and tobacco (35.68 pts). Among the companies, Mari Petroleum Company Ltd (MARI 38.18 pts), Pak Petroleum Ltd (PPL 37.68 pts) and Pakistan Tobacco Company Ltd (PAKT 36.21 pts) remained the top contributors.

Adding 1.17pc to its cumulative market capitalization, the oil & gas exploration sector emerged as the session’s top gainer, with Mari Petroleum Company Ltd (MARI 3.50pc), Pak Petroleum Ltd (PPL 1.94pc) and Oil and Gas Development Company (OGDC 0.53pc) accumulating decent gains.

On the financial side, Bestway Cement Ltd (BWCL -0.97pc) announced earnings per share of Rs0.08 for FY20 (Rs16.93 in FY19), while J.D.W.Sugar Mills Ltd (JDWS +0.54pc) declared an EPS of Rs4.02 for the second quarter of FY20 (Rs-9.56 in 2QFY19).

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