Bulls toss benchmark index above 42,000 level

KARACHI: Stocks continued their winning streak for third day on Wednesday, with the benchmark index crossing the 42,000-mark supported by upbeat investor sentiment.

Global equity markets also showed a positive trend, whereas crude oil prices dipped lower from the previous close; WTI crude price falling 0.22pc to $44.45 while Brent crude oil price declining 0.17pc to $47.34.

“Pakistan Stock Exchange continued with this week’s bullish momentum and finally crossed the 42,000 level on Wednesday. Cement sector led the index on the back of an increase in cement price in the northern region, which coincided with brisk buying activity in small and mid-caps in autos, chemical, steel, refinery and miscellaneous sectors,” a report issued by Arif Habib Ltd read.

MARKET SUMMARY

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The KSE-100 Index remained in the green throughout the session, registering its intraday high at 42,074.11 after gaining 408.84 points. It settled higher by 362.11 points at 42,027.38.

Among other indices, the KMI-30 Index accumulated 702.09 points to end at 67,849.54, while the KSE All Share Index added 203.03 points, closing at 29,407.77.

The overall market volumes fell from 489.12 million shares in the previous session to 476.68 million shares (-3pc). Average traded value, however, increased by 5pc, from $121.4 million to $127.2 million. Unity Foods Ltd (UNITY -0.98pc), TRG Pakistan Ltd (TRG +5.71pc) and Pakistan Refinery Ltd (PRL +1.13pc) led the volume chart, exchanging 39.73 million, 38.58 million and 34.57 million shares, respectively.

Sectors that drove the benchmark index north included automobile assembling (+73.39 points), banking (+58.32 points) and technology & communication (+36.63 points). Among the companies, Bank AL Habib Ltd (BAHL +40.96 points), TRG Pakistan Ltd (TRG +39.68 points) and Millat Tractors Ltd (MTL +39.05 points) remained the top contributors to the index.

Adding 4.81pc in its cumulative market capitalization, the automobile assembling sector ended as the session’s top performer, with Honda Atlas Cars (Pakistan) Ltd (HCAR +3.60pc), Indus Motor Company Ltd (INDU 6.48pc) and Pakistan Suzuki Motors Company Ltd (PSMC 1.96pc) posting decent gains.

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