PSX lands in positive returns despite rising oil prices

The market saw a shift in sentiments during the second half amid expectation of Imran Khan announcing some fruitful incentives

The benchmark to track the performance of PSX – the KSE-100 Index gained 476.77 points (+1.08 percent) on Monday closing in at 44,461.01 points.

“Market opened on a negative note on the backdrop of ongoing conflict between Russia and Ukraine and increased political noise, as the index declined to make an intraday low of -339 points (down by 0.77%). However some recovery was observed in latter hours of trade, as value investors came in to accumulate near 44,000 index level, as a result index gained to close at 44,461 level (+477 points; up by 1.08%)

On the corporate announcement front, SEARL disclosed it 2QFY22 earnings where company posted an EPS of Rs. 2.6 (down 6% YoY). The result was higher than expectation due to higher than  anticipated other income.

Bank, Cement, Fertilizer and Power sectors’ stocks took the lead today where MEBL, LUCK, ENGRO and HUBC cumulatively added 164 points to the index. On the flip side, COLG, NBP and TRG  lost value to weigh down on the index by 36 points. Traded volume and value for the day stood at ~208mn shares and Rs.6bn respectively. AGL was today`s volume leader  with 15.7mn shares” – Topline securities

The PSX opened on a positive note but high international crude prices trimmed all gains within minutes and pushed the market in the red territory for the next four hours. However, the market turned around in the last one-and-a-half hour session on the back of anticipation that Prime Minister Imran Khan will announce a few incentives, and a massive buying activity was observed which led the benchmark index to close after making decent gains.

The KSE-100 Index moved in a range of 911.52 points, showing an intraday low of 43,645.58 points and a high of 44,557.10 points. Among other indices, the KSE All Share Index and the KSE30 index gained 306.19 points (+1.01 percent) and 221.81 (1.3 percent) to close at 30,523.62 points and 17,312.87 points, while the KMI All Share & the KMI30 Islamic Indices gained 326.86 points (+1.5 percent) and 1,328.99 points (+1.88 percent) to close at 22,133.36 points and 72,148.81 points respectively.

A total of 350 companies traded shares in the stock exchange, out of them shares of 225 closed up, 106 closed down, and 19 remained unchanged. Out of the 91 companies that traded under the KSE-100 Index, 69 closed up and 18 closed down, while four remained unchanged.

The overall market volumes were at 208.12 million shares, decreasing by 33.52 million from friday. While the total volumes traded for the KSE-100 Index decreased by 9.02 million to 81.02 million shares. The number of total trades decreased by 6,480 to 96,526, while the value traded decreased by Rs0.67 billion to Rs6.06 billion. Overall, market capitalization increased by Rs75.57 billion.

Among the scripts, AGL topped the volumes with 15.68 million shares, followed by TPLP with 14.27 million, FlyingR1 with 12.93 million, WTL with 10.54 million, GGL with 10.51 million, and CNERGY with 8.44 million shares respectively. These stocks contributed significantly to the volumes forming over 30 percent of the total.

In absolute terms, RMPL remained the top gainer for the fifth straight day witnessing an increase of Rs233.33 (2.17 percent) per share, closing at Rs11,000, whereas the runner-up was INDU, the share price of which climbed up by Rs55.9 (3.94 percent) to Rs1,473.9. On the other hand, COLG remained the top loser in absolute terms witnessing a decrease of Rs83 (3.68 percent) per share, closing at Rs2,172, followed by UPFL, the share price of which declined by Rs50 (0.23 percent) to close at Rs21,400 per share.

The top performing sectors were – fertilizer with 99 points, oil & gas exploration companies with 82 points, cement with 70 points, power generation & distribution with 36 points, and commercial banks with 36 points, while the major points points contributor to the index were by MEBL contributing 52 points followed by LUCK contributing 43 points, ENGRO contributing 36 points, HUBC contributing 33 points and OGDC contributing 27 points.

The worst performing sectors were – Real Estate Investment Trust (REIT) with 5 points, leather & tanneries, and chemical with 3 points each. The worst performing shares from the index were COLG and NBP losing 15 and 11 points, followed by TRG which lost 10 points, UBL which lost 7 points and BAFL which lost 6 points.

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Saad Tanvir
Saad Tanvir
The author is a staff member and can be reached at [email protected]

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