Bulls stage comeback as index gains 307 points

KARACHI: After a lacklustre performance in the previous session, the Pakistan Stock Exchange (PSX) rallied on Thursday, with the indices posting gains all day long amid improved market sentiment.

Global equity markets showed a mixed trend, whereas crude oil prices dipped lower from the previous close; WTI crude price declining 0.56pc to $53.01 while Brent crude price falling 0.55pc to $55.77 (As at 4:09pm PST).

“Government’s renegotiation with the power sector on resolution of circular debt paved the way for HUBC, KAPCO and KEL to perform well, whereas a pause in institutional selling (due to redemptions) also helped the index stage a recovery,” a report issued by Arif Habib Ltd read. “Banking and E&P sectors managed to recover from the selling trend observed in the last two sessions, while cement sector performed in anticipation of better quarterly results.”

MARKET SUMMARY

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The benchmark KSE-100 Index remained in the green throughout the day, registering its intraday high at 46,143.53 after gaining 466.59 points. It settled higher by 307.52 points at 45,984.46.

Among other indices, the KMI-30 Index appreciated 535.52 points to end at 73,271.36, while the KSE All Share Index added 191.44 points, closing at 31,913.85.

The overall market volumes surged from 476.57 million shares in the previous session to 606.37 million shares (+27pc). Average traded value, however, declined 6pc, from $119.1 million to $111.6 million. K-Electric Ltd (KEL +3.66pc), Hum Network Ltd (HUMNL -4.24pc) and Pakistan International Bulk Terminal Ltd (PIBTL +1.26pc) led the volume chart, exchanging 143.82 million, 43.38 million and 31.43 million shares, respectively.

Sectors that painted the benchmark index green included banking (+69.45 points), cement (+67.24 points) and technology & communication (+41.15 points). Among the companies, Lucky Cement Ltd (LUCK +42.65 points), Engro Corporation Ltd (ENGRO +26.94 points) TRG Pakistan Ltd (TRG +24.54 points) remained the top contributors.

Adding 1.31pc to its cumulative market capitalization, the power generation & distribution emerged as the session’s top performer, with Pakgen Power Ltd (PKGP +2.59pc), Nishat Chunian Power Ltd (NCPL +1.35pc) and K-Electric Ltd (KEL 3.66pc) accumulating decent gains.

Meanwhile, as per a tweet shared by K-Electric Limited, the Sindh High Court has passed the decision wherein all petitions challenging the privatisation of KEL have been dismissed in favour of KEL, its shareholders, and the Privatization Commission.

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