Stocks post modest gains in range-bound session

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday managed to reverse the recent declining trend, with the indices ending in the green on late buying.

Global equity markets displayed mixed sentiments, whereas crude oil prices slipped lower from the previous close; WTI crude price declining 0.37pc to $40.05 while Brent crude price falling 0.26pc to $42.34.

“The market opened on a positive note, but concerns over political and economic uncertainty caused investors to stay at bay rather than taking long positions,” said a report issued by AHL Ltd. “The overall trading volumes remained thin for the most part until the closing hour. Oil & gas marketing companies, cement and steel stocks sustained selling pressure despite positive expectations on upcoming quarterly announcements.”

MARKET SUMMARY

The benchmark KSE-100 Index moved in a narrow range on Monday, registering its intraday low at 39,845.77 (-160.91 points) and intraday high at 40,183.87 (+177.19 points). It ended higher by 137.61 points at 40,144.29.

Among other indices, the KMI-30 Index accumulated 153.48 points to close at 63,928.64, while the KSE All Share Index gathered 101.77 points, settling at 28,473.89.

The overall market volumes contracted further from 290.07 million shares in the previous session to 232.79 million shares (-20pc). Average traded value also declined by 13pc, from $59.9 million to $52.3 million. Hascol Petroleum Ltd (HASCOL +1.87pc), Unity Foods Ltd (UNTIY +2.04pc) and TRG Pakistan Ltd (TRG +2.56pc) led the volume chart, exchanging 24.03 million, 21.50 million and 19.61 million shares, respectively.

Sectors that kept benchmark index afloat included fertilizer (+20.70 points), textile composite (+18.92 points) and cement (+17.24 points). Among the companies, Allied Bank Ltd (ABL +17.11 points), Hub Power Company Ltd (HUBC +13.88 points) and Pak Petroleum Ltd (PPL +13.27 points) remained the top contributors.

Adding 1.13pc to its cumulative market capitalization, the oil & gas marketing sector ended as the session’s top performer, with Shell Pakistan Ltd (SHEL +7.50pc), Attock Petroleum Ltd (APL +2.26pc) and Hi-Tech Lubricants Ltd (HTL +1.59pc) posting decent gains.

Meanwhile, Pakistan Telecommunication Company Ltd (PTC -0.11pc) announced its financial performance for the third quarter of FY20. The company’s sales inched up by 0.22pc YoY to Rs8.04 billion, whereas ‘other income’ declined by 34pc. With 16pc YoY appreciation in finance cost, PTC reported earnings per share at Rs0.27 for 3QFY20 (Rs0.33 last year).

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Must Read

KP govt approves Rs150mn grant for religious minorities

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has approved a grant of Rs150 million for the welfare of religious minorities out of which Rs100m would...