Market gains 515 points to close above 64,000 mark

KARACHI: Pakistan Stock Exchange (PSX) extended gains for the third session in a row on Tuesday, with the benchmark KSE-100 Index gaining 514.81 points (+0.81 percent) to close at 64,454.22 points.
The market opened on a positive note but took a dip soon to touch the day’s low. However, bulls returned to the floor and the indices turned back to the green territory and stayed there for the rest of the session. According to market experts, the market is preparing for the start of earnings season and positive results are highly anticipated.
In a related development, the federal cabinet rejected the Power Division’s proposal to collect Rs600 billion annually, according to media reports. The recommendations to withhold the issuance and renewal of identity cards and passports for electricity defaulters, as well as to restrict their ability to go abroad and open bank accounts, were also dismissed. Instead, the cabinet directed the Power Division to submit a comprehensive plan with clear objectives.
Similarly, the proposal to appoint officers from the armed forces, intelligence agencies, and FIA was turned down, with cabinet members asserting that these entities have more pressing responsibilities than the power sector. This media report came to surface after the closure of the market and it can impact shares of OGDC and PPL on Wednesday.
The benchmark index traded in a range of 1,108.57 points, showing an intraday high of 64,658.17 points and an intraday low of 63,549.60 points. Among other indices, the KSE All Share Index gained 243.72 points (+0.56 percent) to close at 43,461.62 points. Similarly, the KMI All Share Islamic Index gained 213.40 points (+0.67 percent) to close at 31,706.05 points.
Total volumes traded for the KSE-100 Index increased to 261.11 million. Similarly, the overall market volumes increased by 127.01 million shares to 425.71 million shares against 298.70 million shares traded a session earlier.
Among scrips, OGDC topped the volumes with 52.95 million shares, followed by FFL (44.94 million) and KEL (28.44 million). Stocks that contributed significantly to the volumes included OGDC, FFL, KEL, PPL, and PIAA, which formed over 41 percent of total volumes.
A total of 354 companies traded shares in the stock exchange against 343 in the previous session, out of which shares of 209 closed up, shares of 127 companies closed down while shares of 18 companies remained unchanged. A total of 95 companies traded shares in the KSE-100 Index against 93 companies in the previous session, out of which share prices of 65 companies closed up, 27 companies closed down and three remained unchanged.
The number of total trades increased to 202,287, while the value traded increased Rs25 billion.
In terms of rupee, NESTLE remained the top gainer with an increase of Rs80 (+0.97 percent) per share, closing at Rs8,350. The runner-up remained MARI, the share price of which climbed up by Rs74.01 (+3.05 percent) to Rs2,502.66. SFL remained the top loser with a decrease of Rs120 (-7.5 percent) per share, closing at Rs1,480, followed by PMPK, the share price of which fell by Rs34.89 (-4.56 percent) to close at Rs730.01 per share.
The major sectors taking the index towards north remained commercial banks (216 points), fertilizer (154 points), oil & gas exploration companies (34 points), technology and communication (31 points), refinery (30 points), food and personal care products (24 points), investment banks/ investment companies/ securities companies and pharmaceuticals (23 points each), and cables and electric goods and cement (21 points each).
Ten major companies adding points to the index remained EFERT (54 points), BAHL (36 points), MARI (35 points), OGDC (33 points), MEBL (26 points), TRG (22 points), UBL (17 points), ENGRO (15 points), PAEL (12 points) and FFBL (11 points).-TLTP