Stocks extend rally with 309-point gain

KSE-100 gains 2.74pc in week, closes at 45,654.34 points

KARACHI: In line with the recent trend, the Pakistan Stock Exchange (PSX) traded in the green throughout the session, with the benchmark index accumulating over 300 points on Friday, thus recording a weekly return of 2.74pc.

Global equity markets also showed positive trend, whereas crude oil prices continued with the upward trend on Saudi output cut pledge; WTI crude price rising 1.46pc to $51.57 while Brent crude price appreciating 1.60pc to $55.26 (as at 4:58pm PST).

“Improvement in macro indicators such as growth December exports (highest figure since Sep 2013) as well as consistent increase in SBP forex reserves enabled the investors maintain an upbeat sentiment, especially on banking stocks, which remained relatively muted in the previous bull run,” a report issued by Arif Habib Ltd read.

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Reminiscent of the last two sessions, the benchmark KSE-100 Index started accumulating gains right from the word go, registering its intraday high at 45,916.33 (+571.79 points). It settled higher by 309.80 points at 45,654.34.

Among other indices, the KMI-30 Index gathered 310.17 points to close at 73,990.13, while the KSE All Share Index added 237.10 points, ending at 31,889.53.

The overall market volumes increased from 641.41 million shares in the previous session to 696.40 million shares (+8pc). Average traded value, however, declined by 15pc, from $159.5 million to $135.1 million. Byco Petroleum Pakistan Ltd (BYCO +6.12pc), Hum Network Ltd (HUMNL +4.55pc) and Pakistan Refinery Ltd (PRL +1.66pc) led the volume chart, exchanging 163.81 million, 44.94 million and 38.01 million shares, respectively.

Sectors that painted the benchmark index green included banking (+158.79 points), textile composite (+24.46 points) and engineering (+24.21 points). Among the companies, United Bank Ltd (UBL +48.38 points), MCB Bank Ltd (MCB +37.12 points) and Oil and Gas Development Company Ltd (OGDC +26.17 points) remained the top contributors.

Adding 1.65pc to its total market capitalization, the banking sector ended as the session’s top performer, with HBL (+0.89pc), MCB (+2.04pc) and UBL (+3.13pc) posting decent gains.

Meanwhile, in a notification to the exchange, DG Khan Cement Company Ltd (DGKC +0.66pc) informed that it has completed and commissioned 10MW Waste Heat Recovery Power Plant at its site in Hub, Lasbela.

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