KARACHI: The Pakistan Stock Exchange (PSX) started the week on a positive note, with the indices accumulating gains all day long amid improved investor sentiment.
Global equity markets, on the other hand, showed a lackluster performance, whereas crude oil prices moved north from the previous close; WTI crude price appreciating 0.99pc to $52.80 while Brent crude price rising 0.87pc to $55.73 (as at 4:04pm PST).
“The market turned positive on the first day of the rollover week, adding over 300 during the session. Cement, engineering (steel), power and oil & gas marketing companies contributed positively to the index in anticipation of better financial results for the outgoing quarter,” a report issued by Arif Habib Ltd read.
The benchmark KSE-100 Index remained in the green throughout the day, touching its intraday high at 46,189.02 after gaining 320.98 points. It settled higher by 219.60 points at 46,087.64.
Among other indices, the KMI-30 Index appreciated 196.22 points to close at 73,046.41, while the KSE All Share Index added 109.54 points, ending at 31,950.46.
The overall market volumes increased from 430.53 million shares on Friday to 470.02 million shares (+9pc). Average traded value also increased 33pc, from $98.4 million to $130.9 million. K-Electric Ltd (KEL +0.73pc), Unity Foods Ltd (UNITY +4.16pc) and TRG Pakistan Ltd (TRG +7.49pc) led the volume chart, exchanging 36.61 million shares, 36.26 million shares and 29.80 million shares, respectively.
Sectors that painted the benchmark index green included technology & communication (+96.31 points), cement (+48.54 points) and pharmaceuticals (+44.55 points). Among the companies, TRG Pakistan Ltd (TRG +84.95 points), Hub Power Company Ltd (HUBC +20.03 points) and Azgard Nine Ltd (ANL +17.24 points) remained the top contributors.
Adding 2.01pc to its cumulative market capitalization, the pharmaceutical sector emerged as the session’s top performer, with The Searle Company Ltd (SEARL 3.10pc), Abbot Laboratories (Pakistan) Ltd (ABOT +3.09pc) and Highnoon Laboratories Ltd (HINOON 1.52pc) posting decent gains.
Meanwhile, Fauji Foods Ltd (FFL -1.04pc) announced its financial performance for FY20. The company’s sales appreciated 28pc YoY to Rs7.37 billion, whereas financial cost surged from Rs1.69 billion in FY19 to Rs1.75 billion. FFL’s loss per share was recorded at Rs4.62 as compared to Rs10.74 last year.
In a notification to the exchange, Hub Power Company Ltd(HUBC +1.05pc) informed that its wholly owned subsidiary Narowal Energy Ltd and Central Power Purchasing Agency (Guarantee) Limited have initialed an agreement under which the future O&M savings and heat rate efficiency shall be shared between the parties.