Bulls return as KSE-100 gains 353 points   

The Pakistan Stock Exchange (PSX) recovered from Monday’s bearish trend as indices moved in upward trajectory on Tuesday, lifting the KSE-100 index with 353 points.

Foreign investors remained net sellers on Monday with a net outflow of $3.85 million. Highest selling was witnessed in banking ($0.942 million) and fertilizer sector (0.769 million). Global equity markets displayed a mixed performance.

With a gain of 545.81 points the KSE-100 index recorded its intraday high of 34,350.78. It, however, settled after accumulating 353.58 points at 34,158.55.

The KMI 30 index appreciated by 625.05 points closing at 55,845.42. While, the KSE All Share index gathered 232.04 points ending at 24,477.51. Out of total shares exchanged 158 advanced and 140 declined.

Overall volumes fell from 261.995 million in last session to 247.63 million. Hascol Petroleum Limited (HASCOL +4.58pc) turned out as volume leader with a volume of 31.63 million shares, followed by TRG Pakistan Limited (TRG +2.70pc) and Maple Leaf Cement Factory Limited (MLCF -0.99pc). The scrips had 15.99 million shares and 12.74 million shares traded, respectively.

Sectors driving the KSE 100 index north included Oil and Gas Exploration sector (+113.57 points), Pharmaceutical sector (+54.56 points) and Oil and Gas Marketing sector (+42.41 points). Oil and Gas Development Company Limited (OGDC +63.74 points), Pak Petroleum Limited (PPL +39.55 points) and Pakistan Services Limited (PSEL +33.65 points) were top points contributors.

The Pharmaceutical sector gained +3.97pc in its cumulative market capitalization. GlaxoSmithKline (Pakistan) Limited (GLAXO +3.63pc), Abbot Laboratories (Pakistan) Limited (ABOT +5.74pc), the Searle Company Limited (SEARL +4.35pc) and Wyeth Pakistan Limited (WYETH +7.50pc points) all closed positive.

Standard Chartered Bank (Pakistan) Limited (SCBPL +5.33pc) released its financial performance for 1QFY20. The banks total income appreciated by 27pc YoY. Profit inflated by 51pc from SPLY. EPS clocked in at Rs1.37 as compared to Rs0.91 in SPLY.

Indus Motor Company Limited (INDU +5.94pc), Atlas Honda Limited (ATLH 0.00pc), Honda Atlas Cars (Pakistan) Limited (HCAR +0.11pc) were amongst the companies who announced resumption of their operations following the relaxation allowed from lockdown by the government.