Bull run continues as index gains 170 points

KARACHI: The Pakistan Stock Exchange (PSX) remained buoyant for the third day of the rollover week with investors lapping up shares mainly on cement and refinery sectors.

Global equity markets, on the other hand, showed a negative trend, whereas crude oil prices inched up from the previous close; WTI crude oil price appreciating 0.70pc to $52.98 while Brent crude price rising 0.74pc to $56.05 (As at 3:51pm PST).

“Key decisions to be taken in today’s ECC meeting kept the interest alive at the bourse, with technology, cement and refinery stocks contributing significantly,” a report issued by Arif Habib Ltd read. “Overall, the index gained over 400 points intraday, but profit booking in E&P and banking sectors brought the net gains to around 170 points by the end.”

MARKET SUMMARY

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Reminiscent of the first two sessions of the week, the benchmark KSE-100 Index remained in the green throughout the day, recording its intraday high at 46,698.33 after accumulating 410.95 points. It settled higher by 170.75 points at 46,458.13.

Among other indices, the KMI-30 Index gathered 400.25 points to end at 74,008.61, while the KSE All Share Index added 111.27 points, closing at 19,370.27.

The overall market volumes inched up from 603.23 million shares in the previous session to 610.63 million shares. Average traded value also increased from $166.9 million to $180.6 million. Azgard Nine Ltd (ANL +0.56pc), Pakistan International Bulk Terminal Ltd (PIBTL +1.92pc) and TRG Pakistan Ltd (TRG +6.40pc) led the volume chart, exchanging 40.21 million, 39.63 million and 37.01 million shares, respectively.

Sectors that kept the benchmark index in green included technology & communication (+71.03 points), cement (+64.70 points) and oil & gas exploration (+28.51 points). TRG Pakistan Ltd (TRG +68.61 points), Mari Petroleum Company Ltd (MARI +30.61 points) and Lucky Cement Ltd (+18.74 points) remained the top contributors.

Adding 3.13pc to its cumulative market capitalization, the refinery sector ended as the session’s top performer, with Attock Refinery Ltd (ATRL 2.00pc), Pakistan Refinery Ltd (PRL 3.27pc) and Byco Petroleum Pakistan Ltd (BYCO 1.13pc) posting decent gains.

On the financial side, Hinopak Motors Ltd (HINO +3.04pc) announced earnings per share of Rs1.23 for 3QFY21 (Rs25.77 last year); Honda Atlas Cars (Pakistan) Ltd (HCAR +1.93pc) declared an EPS of Rs5.26 for 3QFY21 (Rs0.29 last year); whereas Bank AL Habib Ltd (BAHL -2.62pc) reported an EPS of Rs16.03 for FY20 (Rs10.05 in FY19).

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