Stocks consolidate gains with 579-point rally

KARACHI: The Pakistan Stock Exchange (PSX) continued to head north on Wednesday, with the indices accumulating gains throughout the session amid improved market sentiments.

Global equity markets also showed a positive trend, whereas crude oil prices dipped lower from the previous close; WTI crude price falling 1.56pc to $41.05 while Brent crude price dropping 1.34pc to $42.58.

“The market continued with the recent positive trend, with the index adding over 1,400 points during the first three sessions of the week. Although the weekend had left vestiges of political uncertainty, institutional investors continued with brisk buying activity on the back of quarterly earnings,” said a report issued by AHL Ltd. “Banking sector results so far have helped the index sustain existing rates, whereas investors also took positions in oil & gas, cement and power sector stocks amid a positive view on FATF ruling scheduled to be announced by the end of week.”


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In line with the recent trend, the benchmark KSE-100 Index remained in the green throughout the day, registering its intraday high at 41,613.05 after accumulating 656.47 points. It closed higher by 579.34 points at 41,535.92.

Among other indices, the KMI-30 Index gained 702.52 points to end day at 66,430.21, while the KSE All Share Index added 363.34 points, settling at 29,293.34.

The overall market volumes surged from 492.67 million shares in the previous session to 661.19 million shares (+34pc). Average traded value also increased by 33pc, from $101.1 million to $134.9 million. Unity Foods Ltd (UNITY +7.47pc), Pakistan International Bulk Terminal Ltd (PIBTL +5.44pc) and Hascol Petroleum Ltd (HASCOL -0.30pc) topped the volume chart, exchanging 64.43 million, 63.92 million and 47.24 million shares, respectively.

Sectors that kept the benchmark index in green included banking (+185.12 points), fertilizer (+116.06 points) and technology & communication (+53.41 points). Among Among the companies, Bank AL Habib Ltd (BAHL +76.72 points), Engro Corporation Ltd (ENGRO +45.85 points) and Engro Fertilizer Ltd (EFERT +42.59 points) remained the top contributors.

Adding 4.81pc to its cumulative market capitalization, the technology & communication sector ended as the session’s top performer, with Pakistan Telecommunication Company Ltd (PTC +4.47pc), TRG Pakistan Ltd (TRG +4.28pc) and Systems Ltd (SYS +5.50pc) posting significant gains.

On the financial side, Attock Cement (Pakistan) Ltd (ACPL -3.88pc) announced earnings per share of Rs0.87 for the first quarter of FY21 (Rs2.60 in 1QFY20), Engro Fertilizer Limited (EFERT +4.93pc) declared an EPS of Rs4.97 for 3QFY20 (Rs3.53 in 3QFY19), whereas Allied Bank Ltd (ABL +2.40pc) reported an EPS of Rs3.49 for 3QFY20 (Rs2.90 last year).

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