KARACHI: The Pakistan Stock Exchange (PSX) commenced the week on a positive note, as indices traded in green for the most part of the session while volumes improved from the previous close.
Equity markets around the globe also showed a positive trend, whereas crude oil prices fell lower from the previous close; WTI crude price declining 0.75pc to $40.81 while Brent crude price decreasing 0.75pc to $42.61.
“The market discounted the anticipated negative impact of the demonstration held by the opposition parties against the incumbent government. Investor sentiment was already dampened at the close of last week and it was anticipated to further deteriorate post allegations made by the PML-N leadership on the military establishment. But contrary to general expectation, the index sided with the positive expectation on the upcoming quarterly results,” said report issued by AHL Ltd.
MARKET SUMMARY
The benchmark KSE-100 Index gained 327.11 points in early trade to record its intraday high at 40,491.13. It, however, fell changed its direction in the afternoon, dropping to to its intraday low at 40,077.90 (-86.12 points). The index finally settled higher by 176.15 points at 40,340.17.
Among other indices, the KMI-30 Index accumulated 551.71 points to close at 64,315.00, while the KSE All Share Index added 96.00 points, ending at 28,567.79.
The overall market volumes surged from 254.12 million shares in the previous session to 319.46 million shares (+25pc). Average traded value also increased by 3pc, from to $49.0 million as against $47.6 million. Unity Foods Ltd (UNITY +7.45pc), Pakistan International Bulk Terminal Ltd (PIBTL +6.26pc) and Fauji Foods Ltd (FFL +6.58pc) led the colume chart, exchanging 53.66 million, 36.64 million and 26.74 million shares, respectively.
Sectors that kept the benchmark index afloat included fertilizer (+87.31 points), oil & gas exploration (+28.91 points) and oil & gas marketing (+19.36 points). Among the companies, Engro Corporation Ltd (ENGRO +61.94 points), Engro Fertilizer Ltd (EFERT +22.81 points) and Mari Petroleum Company Ltd (MARI +19.91 points) remained the top contributors .
Adding 1.82pc to its total market capitalization, the fertilizer sector ended as the session’s top performer, with Fauji Fertilizer Bin Qasim Ltd (FFBL +2.14pc), Arif Habib Corporation Ltd (AHCL +7.48pc) and Engro Fertilizer Ltd (EFERT +2.73pc) posting decent gains.
Meanwhile, Mari Petroleum Company Ltd (MARI +2.56pc) declared its financial performance for the first quarter of FY21. The company’s revenue increased by 14pc YoY, while cost of sales fell by 15.60pc, resulting in 34pc surge in gross profit. MARI’s earnings per share improved from Rs55.94 last year to Rs67.96 in 1QFY21.
excellant hope for the best