Market extends gains for the sixth session by 228 points

KARACHI: Pakistan Stock Exchange (PSX) extended gains for the sixth straight session, with KSE-100 Index gaining 228.22 points (+0.48 percent) to close at 47,721.79 points.
The market opened on a negative note but switched towards the green territory within the first half an hour trading. Later, the indices stayed in green throughout the session. Overall, the benchmark index has gained 1,489.2 points in the last six sessions. The rupee’s consistent appreciation over the past few weeks has given investors a sense of confidence. Moreover, 10 percent duty on Afghanistan transit trade is going to discourage any kind of smuggling which used to take place through Afghan transit and the step will further empower local industry.
The benchmark index traded in a range of 557.99 points, showing an intraday high of 47,775.73 points and an intraday low of 47,217.74 points. Among other indices, the KSE All Share Index gained 57.71 points (+0.18 percent) to close at 31,890.57 points, while KMI All Share Islamic Index gained 18.13 points (+0.08 percent) to close at 23,219.12 points.
Total volumes traded for the KSE-100 Index decreased by 0.22 million to 116.35 million shares against 116.57 million shares traded a session earlier. The overall market volumes decreased by 12.72 million shares to 233.66 million shares against 246.38 million shares traded a session earlier.
Among scrips, KEL topped the volumes with 38.54 million shares, followed by WTL (25.22 million) and PIAA (12.36 million). Stocks that contributed significantly to the volumes included KEL, WTL, PIAA, PAEL, and TELE, which formed around 40 percent of total volumes.
A total of 332 companies traded shares in the stock exchange against 349 a session earlier, out of which shares of 150 closed up, shares of 166 closed down while shares of 16 companies remained unchanged. A total of 93 companies traded shares in the KSE-100 Index against 98 in the previous session, out of which share price of 38 companies closed up, 52 closed down and three remained unchanged.
The number of total trades decreased by 10,147 to 113,405 from 123,552 a session earlier, while the value traded decreased by Rs0.10 billion to Rs7.08 billion against Rs7.18 billion in the previous session.
In terms of rupee, SFL remained the top gainer with an increase of Rs38.95 (+3.76 percent) per share, closing at Rs1,075. The runner-up remained SIEM, the share price of which climbed up by Rs35.25 (+5.26 percent) to Rs705.25. MEHT remained the top loser with a decrease of Rs41.25 (-7.5 percent) per share, closing at Rs508.75 followed by PECO, the share price of which fell by Rs26.96 (-7.49 percent) to close at Rs333.04 per share.
The major sectors taking the index towards north remained commercial banks (89 points), power generation & distribution (78 points), fertilizer (66 points), oil & gas exploration companies (19 points), and cement (18 points). The major companies adding points to the index remained HUBC (72 points), FFC (50 points), BAHL (41 points), UBL (34 points), and MCB (26 points).
The sectors taking the index towards south were investment banks/ investment companies/ securities companies (20 points), technology & communication (17 points), chemicals (16 points), engineering (8 points), and glass & ceramics (6 points). The major companies depriving the index of points remained HBL (20 points), DAWH (18 points), COLG (11 points), TRG (8 points), and OGDC (7 points). – TLTP