KARACHI: The Pakistan Stock Exchange (PSX) started the week on a positive note, with the benchmark accumulating over 350 points intraday amid positive sentiments.
Global equity markets also showed a positive trend, whereas crude oil prices slipped lower from the previous close; WTI crude price falling 1.71pc to $39.09 while Brent crude oil dropping 1.55pc to $42.00.
“The stock market managed to keep the investors interested throughout the day, with oil marketing companies, refinery, chemical, cement, steel and pharma stocks performing particularly well,” said a report issued by AHL Ltd. “The exploration & production sector, on the other hand, went down on the back of declining international crude oil prices.”
The benchmark KSE-100 Index remained in the green zone throughout the day, touching its intraday high at 42,400.25 after gaining 377.25 points. It settled higher by 272.75 points at 42,295.75.
Among other indices, the KMI-30 Index accumulated 514.29 points to end at 68,036.57, while the KSE All Share Index gathered 213.92 points, closing at 29,962.82.
The overall market declined from 758.2 million shares in the previous session to 748.7 million shares (-1pc). Average traded value also declined by 4pc, from $142.8 million to $149.2 million. Power Cement Ltd (POWER 10.15pc), Pakistan International Bulk Terminal Ltd (PIBTL 3.36pc) and Hascol Petroleum Ltd (HASCOL 7.47pc) led the volume chart, exchanging 72.41 million, 57.33 million and 45.99 million shares, respectively.
Sectors that painted the benchmark index green included cement (57.63 points), fertiliser (54.70 points) and technology & communication (35.92 points). Among the companies, Lucky Cement (LUCK 40.84 points), Systems Ltd (SYS 33.18 points) and Fauji Fertilizer Company (FFC 28.05 points) remained the top contributors.
Adding 3.47pc to its cumulative market capitalisation, the technology & communication sector emerged as the session’s top gainer, with Systems Ltd (SYS 7.50pc), NetSol Technologies (NETSOL 6.23pc), Avanceon Limited (AVN 7.30pc) posting decent gains.
Earlier in the day, the PSX held a gong ceremony to formally mark the book building and listing of Power Holding Limited’s Rs200 billion Pakistan Energy Sukuk-II (PES-II).
Meanwhile, in a notification to the exchange, Avanceon Limited (AVN +7.30pc) announced that its wholly-owned subsidiary ‘Avanceon FZE’ has been contracted to work on an oil & gas midstream project. The project is worth over half a billion rupees and will be responsible for the transportation of oil products to key regions of Pakistan.
On the financial side, Fauji Cement Company Ltd (FCCL -0.13pc) reported a loss of Rs59.38 million for FY20. It last reported a net loss in 2003.