PSX falls flat after range-bound session

KARACHI: Pakistan Stock Exchange (PSX) on Monday fell flat after a range-bound session, with the benchmark KSE-100 Index gaining only 52 points amid lackluster activity.

Global equity markets, on the other hand, largely remained positive, whereas crude oil prices also inched up from the previous close; WTI crude price rising 2.45pc to $38.05 while Brent Crude price increasing 2.33pc to $40.38.

“The market traded within a narrow range today; volumes falling from the previous quarter’s average. Banks, fertilizer and off-board scrips largely contributed to the market activity, with HBL and MCB posting price gains. Overnight positivity in US Futures, followed by a positive trend in regional markets also helped investors take a positive view, although muted, about KSE-100,” a report issued by Arif Habib Ltd read.

MARKET SUMMARY

The benchmark KSE-100 Index oscillated both ways on Monday, recording its intraday high at 40,943.80 (+212.19 points) and low at 40,596.99 (-134.62 points). It settled higher by 52.43 points at 40,784.04.

Among other indices, the KMI-30 Index lost 192.04 points to end at 64,983.51, while the KSE All Share Index closed flat (+3.36 points) at 28,670.87.

The overall market volumes fell from 350.41 million shares in the previous session to 276.79 million shares (-21pc). Average traded value also declined by 17pc, from $72.5 million to $59.9 million. Power Cement Ltd (POWER +0.85pc), TRG Pakistan Ltd (TRG +6.54pc) and Pak Elektron Ltd (PAEL +3.08pc) led the volume chart, exchanging 36.54 million, 31.98 million and 19.21 million shares, respectively.

Sectors that kept the benchmark index afloat included banking (+40.20 points), technology & communication (+40.10 pts) and pharmaceutical (+25.72 points). Among the companies, Habib Bank Ltd (HBL +39.59 points), TRG Pakistan Ltd (TRG +37.11 points) and MCB Bank Ltd (MCB +23.52 points) remained the top contributors.

Adding 1.70pc to its cumulative market capitalization, the pharmaceutical sector ended as the session’s top performer, with GlaxoSmithKline Ltd (GLAXO +6.54pc), The Searle Company Ltd (SEARL +2.23pc) and Ferozsons Laboratories Ltd (FEROZ +0.52pc) posting decent gains.

In a notification to the exchange, Avanceon Ltd (AVN -1.03pc) informed that its wholly-owned subsidiary, Avanceon FZE, has secured a contract “for the expansion of the EDC (ethylene dichloride)/VCM (vinyl chloride monomer) Emergency Shutdown System (ESD)”.

Meanwhile, Sazgar Engineering Works Ltd (SAZEW -2.23pc) announced its sales and production data for October 2020. A total of 1,432 units were produced by the company, of which 1,326 units were sold.

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