LAHORE: The Pakistan Stock Exchange (PSX) carried forward moving in the upward trajectory, continuing its positive momentum for five straight sessions, the index crossed 44,000-mark on Wednesday with KSE 100 index posting return of 1 per cent. It seems like a much needed relief for investors which came following the smooth transition of the government.
In another development that fueled investors’ interest, Dr Shamshad Akhtar has been given the task to handle the finance ministry in the caretaker government and has taken charge along with other ministers.
The KSE 100 index spent the day well in green. After a slow start to the day where it marked intraday low of 43,679.68 with the loss of 22.90 points, it picked up to record day’s high of 44,170.72. The index settled higher by 441.62 points at 44,144.20. The KMI 30 index increased 155.94 points to reach 74,699.62 while the KSE All Share index landed with a rise of 175.99 points. The advancers to decliners ratio stood at 154 to 163.
The market volumes jumped to 223.43 million from previous sessions 166.49 million. The Bank of Punjab (BOP +6.35 per cent) was the leader by miles, the script saw investors exchange 58.56 million shares which were over 26 per cent of the total traded volume. TRG Pakistan Limited (TRG +4.97 per cent) was next on the chart, but far behind contributing 7 per cent to the total volume. The script saw 15.40 million shares exchange hand. Lotte Chemical Pakistan Limited (LOTCHEM +4.06 per cent) followed with 10.78 million shares traded.
The largest market capitalization sector, commercial bank sector, rallied and inflated its cumulative market capitalization by 3.12 per cent. The biggest bank, by market cap, Habib Bank Limited (HBL) clinched a handsome 4.84 per cent, United Bank Limited (UBL) topped up its account by 4.90 per cent. Bank Al Habib Limited (BAHL +5.00 per cent) touched its upper circuit breaker while Summit Bank Limited (SMBL -5.00 per cent), the only loser in the sector, dropped to the lower end.
State Bank of Pakistan (SBP) notified MTB auction calendar for Jun-Aug 2018, targeting amount of Rs4.3 trillion. While, PIBs schedule reflects PIBs target of Rs350 billion (inclusive of floating rate PIBs).
Nishat Mills (NML) notified exchange that, M/s Sojitz Corporation Japan has released an announcement in Japan on Wednesday regarding Hyundai Nishat Motors (Private Limited) which is setting up a greenfield project for the assembly and manufacturing of Huyndai brand vehicles in Pakistan.
Moreover, after taking detailed review of economic challenges, the newly sworn-in Minister for Finance, Dr Shamshad Akhtar, gave her green signal for holding policy level dialogue with the IMF under Article IV consultation and the Fund mission is expected to visit Islamabad for gauging the economic health of the country by end of the ongoing month.
Meanwhile, the embattled Dubai-based private equity fund, Abraaj Capital, has received a bid of $125 million from Cerebrus Capital Management to acquire its private equity business, according to a Wall Street Journal (WSJ) report.
