Positivity returned to the Pakistan Stock Exchange (PSX) on Thursday, as the benchmark KSE-100 Index accumulated gains for most part of the day to record a gain of 0.69%, while volume of shares traded improved from the last session.
During the day, range-bound activity was witnessed in the first half as the KSE-100 dropped to an intra-day low of 46,053.66 (down by 112 points). However, the market picked up momentum where the benchmark index made an intra-day high of 46,510.11 (up by 344 points).
At close, the KSE-100 Index settled at 46,484.43, a gain of 318.93 points or 0.69%.
“Positive session was observed at PSX due to stability in Pak rupee against dollar,” said Arif Habib Limited (AHL) in its post-market note.
“Rally was witnessed in the refinery sector due to expectation of tremendous earnings in the upcoming financial result,” said the brokerage house, adding that mainboard activity remained dull whereas hefty buying was witnessed in the 3rd-tier stocks.
On the economic front, remittances sent home by overseas Pakistanis were up by 3.20% YoY to $2.81 billion, as per the latest data released by the State Bank of Pakistan (SBP). On a monthly basis, an increase of 28% was recorded.
On the corporate front, Mari Petroleum Company Limited (MARI) Board of Directors in their meeting approved the divestment of the entire shareholding of MARI comprising 20.9 million shares in National Resources (Pvt) Limited (NRL).
Profit-taking witnessed at PSX, KSE-100 falls 0.52%
Sectors driving the benchmark KSE-100 index upwards included fertiliser (70.91 points), cement (61.71 points) and refinery (56.15 points).
Volume on the all-share index increased to 494.94 million from 474.59 million on Wednesday. However, the value of shares declined to Rs11.68 billion from Rs12.35 billion recorded in the previous session.
Cnergyico PK was the volume leader with 99.12 million shares, followed by WorldCall Telecom Limited with 36.95 million shares, and Flying Cement with 33.87 million shares.
Shares of 343 companies were traded on Thursday, of which 206 registered an increase, 118 recorded a fall, and 19 remained unchanged.
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