Stocks jump 457 points as volume hits year’s peak

KARACHI: The Pakistan Stock Exchange (PSX) extended its rally on Wednesday as indices continued to move north while volumes inflated to the highest level witnessed in the ongoing year. 

Global equity markets also showed a similar pattern, whereas crude prices moved north from the previous close; WTI crude price increasing 0.44pc to $42.95 and Brent crude price rising 0.39pc to $45.75.

The benchmark KSE-100 Index remained in the green throughout the day, registering its intraday high at 41,932.85 after gaining 555.59 points. It settled higher by 457.59 points at 41,834.85.

Among other indices, the KMI-30 Index accumulated 771.12 points to end at 66,831.65, while the KSE All Share Index added 354.33 points, closing at 29,477.19.

The overall market volumes increased from 759.3 million shares in the previous session to 837.0 million shares (+10pc). Average traded value also increased by 21pc, from $131.2 million to $158.1 million. This was the highest volume recorded for the year 2020 and 4th highest in the last ten years. 

K-Electric Ltd (KEL +5.65pc), Pakistan Telecommunication Company Ltd (PTC +9.11pc) and Pakistan International Bulk Terminal Ltd (PIBTL +3.97pc) led the volume chart on Wednesday, exchanging 53.99 million, 48.75 million and 46.91 million shares, respectively.

Sectors that drove the benchmark index north included banking (89.66 points), fertilizer (81.09 points) and oil & gas marketing (49.16 points). Among the companies, Engro Corporation Ltd (ENGRO 38.34 points), United Bank Ltd (UBL 33.81 points) and National Bank of Pakistan (NBP 31.13 points) remained the top contributors.

Adding 3.92pc to its cumulative market capitalization, the technology and communication sector emerged as the session’s top gainer, with Pakistan Telecom Company (PTC 9.11pc), Hum Network Limited (HUMNL 12.50pc) and Systems Limited (SYS 2.24pc) posting decent gains.

Meanwhile, National Bank of Pakistan (NBP +7.49pc) declared its financial results for 2QFY20. The bank’s earned markup surged by 40.13pc YoY. Its earnings per share improved from Rs3.25 in the same period last year to Rs5.20.

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