Stocks accumulate 616 points on positive sentiments

KARACHI: The Pakistan Stock Exchange (PSX) extended its rally on Tuesday, underpinned by investors’ optimism amid ongoing earnings season.

Global equity markets, on the other hand, displayed a mixed performance, whereas crude oil prices moved uphill from the previous close; WTI crude price appreciating 0.41pc to $41.22 while Brent crude price rising 0.19pc to $42.70.

“As concerns over political uncertainty withered away, investors fixed their gaze on the upcoming FATF plenary session and quarterly results. Positive expectations on both counts helped the index accumulate over 700 points intraday,” said a report issued by AHL Ltd. “Oil & gas marketing and exploration & production scrips contributed the most to the index, followed by cement, power and banking scrips.”

MARKET SUMMARY

The benchmark KSE-100 remained in the green throughout the day, recording its intraday high at 41,056.95 after gaining 716.78 points. It closed higher by 616.41 points at 40,956.58.

Among other indices, the KMI-30 Index accumulated 1,412.69 points to end at 65,727.69, while the KSE All Share Index gathered 362.21 points, settling at 28,930.00.

The overall market volumes inflated from 319.53 million shares in the previous session to 492.67 million shares (+54pc). Average traded value also surged by 106pc, from $49 million to $101.7 million. Unity Foods Ltd (UNTIY +3.95pc), Hascol Petroleum Ltd (HASCOL +6.00pc) and Fauji Foods Ltd (FFL -1.04pc) led the volume chart, exchanging 77.97 million, 50.61 million and 35.12 million shares, respectively.

Sectors that drove the index north included cement (+110.56 points), power generation & distribution (+107.02 points) and banking (+90.80 points). Among the companies, Hub Power Company Ltd (HUBC +84.15 points), Lucky Cement Ltd (LUCK +48.06 points) and Meezan Bank Ltd (MEBL +41.64 points) remained the top contributors.

Adding 8.53pc to its cumulative market capitalization, the refinery sector turned out to be the session’s top performer, with Byco Petroleum Pakistan Ltd (BYCO +10.91pc), Attock Refinery Ltd (ATRL 7.50pc), Pakistan Refinery Ltd (PRL +7.44pc) and National Refinery Ltd (NRL +7.42pc) posting significant gains.

On the financial side, National Refinery Ltd (NRL +7.42pc) announced earnings per share of Rs16.40 for the 1st quarter of FY21 (Rs8.49 last year); International Steels Ltd (ISL +1.52pc) declared an EPS of Rs1.29 (Rs0.80 last year), Attock Refinery Ltd (ATRL +7.50pc) posted an EPS of Rs5.27 (Rs3.47 last yea), while Pakistan Oilfields Limited (POL +0.96pc) recorded an EPS of Rs12.78 (Rs14.12 in 1QFY20).

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Must Read

PM directs facilitation of industries linked with construction sector

ISLAMABAD: Prime Minister Imran Khan has directed the authorities concerned to ensure provision of facilities to allied industries connected with the construction sector to keep...