KSE 100 records 4th highest points gain since 2010

KARACHI: Maintaining a bullish trend, the Pakistan Stock Exchange (PSX) on Monday gained over 1,000 points to cross the 39,000 mark in intraday high and conclude at 39,362.29.

The stocks began first session of the week with a bang where indices moved in an upward trajectory all the day long. The benchmark KSE 100 index gained over 1,000 points crossing the 39,000 mark, while volume improved significantly.

Optimistic sentiments prevailed following an announcement of inflation figures.

According to latest data published by the Pakistan Bureau of Statistics (PBS), inflation clocked in at 12.40 per cent for February 2020, down from 14.60 per cent MoM in January 2020. Among highest price decliners were tomatoes and electricity.

According to recent reports, Pakistan’s exports expanded by 13.60 per cent YoY, whereas the imports decreased by 4 per cent YoY in February 2020.

Furthermore, Bond yields fell further where three-year bond fell by 15 bps to 11.80 per cent, five-year Bond yield declined by 20 bps to 11.05 per cent and 10-year bond yield decreased by 5 bps to 11 per cent.

Gaining +1,378.67 points or over 3.63 per cent the benchmark KSE 100 index recorded its intraday high of 39,362.29 crossing the 39,000 mark. The index ended higher by +1,312.68 points at 39,296.30, thus recording fourth highest gain in points in last 10 years.

Adding 2,818.13 points, the KMI 30 index settled at 62,251.44. While, the KSE All Share index closed with a gain of 769.96 points at 27,059.34. Out of total shares traded 277 advanced and 47 declined.

Sectors adding positivity to the KSE 100 index included oil and gas explorations sector (+227.94 points), fertilizer sector (+210.60 points), and banking sector (+173.30 points).

A total of 215,251,320 shares were traded compared to the trade 202,177,240 shares during the previous day, whereas the value of shares traded during the day stood at Rs9.066 billion as compared to Rs8.606  billion during last trading day.

As many as 371 companies’ transacted shares in the stock market on Monday, out of which 306 recorded gain and 48 sustained losses whereas the share price of 17 companies remained unchanged.

The Unilever Foods recorded the maximum increase of Rs200 per share, closing at Rs7,400 while Philip Morris Pak was runner up with the increase of Rs90 per share, closing at Rs2,428.

Sapphire Fiber recorded maximum decrease of Rs64.96 per share, closing at Rs863.04 whereas Sapphire Tex decreases Rs61.53 per share closing at Rs850.01.

Company-wise, Engro Corporation Limited (ENGRO +137.58 points), Oil and Gas Development Company Limited (OGDC +96.94 points) and Pak Petroleum Limited (PPL +85.81 points) were top point contributors of the day.

Overall volumes remained decent and were recorded at 215.25 million. Maple Leaf Cement Factory Limited (MLCF +6.97pc) turned out to be the volume leader with 18.11 million shares exchanged. Followed by Hascol Petroleum Limited (HASCOL +2.92pc) and the Bank of Punjab (BOP -3.79pc). The scripts had 15.67 million shares and 13.51 million shares traded respectively.

The BoD’s of K-Electric Limited (KEL +4.53pc), in their meeting, decided that in order to consider business update and to undertake renewable energy and other projects the company would incorporate private limited company- which would be its wholly owned subsidiary- and is subject to obtaining statutory and other requisite approvals besides completing required corporate actions.