Bulls return to PSX as benchmark index gains 558 points

KARACHI: After a lacklustre performance in the previous session, Pakistan Stock Exchange (PSX) on witnessed bullish trend on Friday, with the benchmark index recovering most losses ahead of prime minister’s Vote of Confidence.

Global equity markets, on the other hand, showed a negative trend, whereas crude oil prices continued with the uptrend; WTI crude price appreciating 2.49pc to $65.43 while Brent crude price rising 2.68pc to $68.54 (as at 4:29pm PST).

“The market staged a partial recovery from yesterday’s session, with investors largely banking on the PM’s Vote of Confidence scheduled for tomorrow, which was further aided by release of Sensitive Price Index data that showed a surprise jump of 15pc YoY, prompting an active buying in banks,” a report issued by Arif Habib Ltd read. “A 5pc jump in international crude oil prices also favoured the otherwise lethargic E&P sector.”

MARKET SUMMARY

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The benchmark KSE-100 Index remained in the green throughout the session, registering its intraday high at 45,946.69 after accumulating 668.15 points. It settled higher by 558.81 points at 45,837.35.

Among other indices, the KMI-30 Index gained 1,073.71 points to close at 76,412.89, while the KSE All Share Index added 268.12 points, ending at 31,402.02.

The overall market volumes fell from 441.42 million shares in the previous session to 316.82 million shares (-28pc). Average traded value also declined by 25pc, from $135.1 million to $101.5 million. Azgard Nine Ltd (ANL +3.19pc), TRG Pakistan Ltd (TRG +2.17pc) and Pakistan Refinery Ltd (PRL +2.03pc) led the volume chart, exchanging 29.25 million, 21.08 million and 17.89 million shares, respectively.

Sectors that painted the benchmark index green included oil & gas exploration (+139.60 points), banking (+128.05 points) and cement (+60.57 points). Among the companies, Oil and Gas Development Company Ltd (OGDC +52.77 points), Pakistan Oilfields Ltd (POL +43.38 points) and Habib Bank Ltd (HBL +34.84 points) remained the top contributors.

Adding 2.90pc to its cumulative market capitalization, the oil & gas exploration sector ended as the session’s top performer, with Oil and Gas Development Company Ltd (OGDC +3.57pc), Mari Petroleum Company Ltd (MARI +2.55pc) and Pakistan Oilfields Ltd (POL +3.90pc) posting decent gains.

Meanwhile, GlaxoSmithKline Consumer Healthcare Ltd (GSKCH -0.92pc) announced its financial performance for FY20. The company’s sales appreciated by 21.63pc YoY, while finance cost was down by 70pc YoY. Earnings per share clocked in at Rs10.78 as compared to Rs10.74 in FY19.

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