KARACHI: Bulls continued to dominate the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark index crossing the 47,000 mark intraday amid improved market sentiments.
Global equity markets mostly showed a positive trend, whereas crude oil prices moved further north; WTI crude price rising 0.57pc to $55.08 while Brent crude price increasing 0.19pc to $57.92 (As at 4:11pm PST).
“The market managed to carry forward yesterday’s positive momentum today, with healthy contributions from cement, fertilizer, banking and power sectors,” a report issued by Arif Habib Limited read. “IPPs’ agreement with the government kept the investors’ interest alive in the power sector; cement sector performed in anticipation of an increase in cement price as well as growth in despatches; whereas rise in international crude prices helped E&P stocks post gains.”
MARKET SUMMARY
Reminiscent of yesterday, the benchmark KSE-100 Index stayed in the green throughout the day, registering its intraday high at 47,123.82 after gaining 543.48 points. It settled higher by 353.29 points at 46,933.63.
Among other indices, the KMI-30 Index accumulated 1,115.50 points to close at 76,020.57, while the KSE All Share Index added 190.99 points, ending at 32,358.96.
The overall market volumes improved from 467.99 million shares in the previous session to 616.20 million shares (+32pc). Average traded value also increased by 27pc, from $145.2 million to $184.2 million. K-Electric Ltd (KEL +4.01pc), Pakistan Refinery Ltd (PRL +5.64pc) and Hascol Petroleum Ltd (HASCOL -3.31pc) led the volume chart, exchanging 59.32 million, 39.98 million and 32.78 million shares, respectively.
Sectors that drove the benchmark index north included cement (+159.57 points), oil & gas exploration (+101.83 points) and pharmaceutical (+36.24 points). Among the companies, Mari Petroleum Company Ltd (MARI +60.40 points), Lucky Cement Ltd (LUCK +49.35 pts) and Cherat Cement Company Ltd (CHCC +30.47 points) remained the top contributors.
Adding 2.99pc to its cumulative market capitalization, the cement sector ended as the session’s top performer, with Lucky Cement Ltd (LUCK +2.33pc), Bestway Cement Ltd (BWCL +2.36pc) and DG Khan Cement Company Ltd (DGKC +3.27pc) posting decent gains.
Meanwhile, in a notification to the exchange, Agha Steel Industries Ltd (AGHA +3.91pc) informed that it has signed a contract with Renewable Power Pvt Ltd for installation of 2.25MW solar power project at its production facility in Karachi. Meezan Bank Limited (MEBL +0.26pc) has been nominated as the lead Islamic banking arranger for the project.
