Thursday Oct 07, 2021
KARACHI: The Pakistan Stock Exchange (PSX) staged a modest recovery on Thursday with the benchmark KSE-100 index posting a gain of over 200 points as investors took cue from the partial recovery of the rupee against the US dollar.
The benchmark KSE-100 index recorded an increase of 212.82 points, or 0.48%, to settle at 44,586.05 points, with the investors remaining optimistic ahead of the $6 billion International Monetary Fund (IMF) programme review and quarterly result announcements.
Trading kicked off with a spike and the market climbed steadily throughout the session. The improved investor sentiment triggered a buying spree, which wiped out most of the losses incurred during the last two days and helped the market close with nominal gains.
A report from Arif Habib Limited noted that a drop in coal prices primarily reversed the selling tide in the cement sector today, which led the index from the front.
“Similarly, the overnight dent in international oil prices caused downward pressure in exploration and production stocks,” it said.
However, the overall positive stride propelled steel sector scrips, and “investors considered taking positions”.
Overall, the benchmark KSE-100 index added a total of 574 points during the session.
The report added that the cement sector stole the limelight, with Maple Leaf Cement garnering the most volume (besides hitting upper circuit) among cement sector stocks, followed by DG Khan Cement.
“Selling pressure ensued, which brought the stock price of Maple Leaf Cement down from upper circuit by the end of the session,” it said, adding that besides cement, the banks and refinery sector stocks got investors’ preference.
Volumes increased from 252.7 million shares to 296 million shares (+17% day-on-day). Meanwhile, the average traded value also increased by 4% to reach $61.2 million against $59 million.
WorldCall Telecom was the volume leader with 58 million shares, losing Rs0.15 to close at Rs2.54. It was followed by Telecard Limited with 37 million shares, gaining Rs0.66 to close at Rs19.26, and Treet Corporation with 12.9 million shares, gaining Rs3.76 to close at Rs53.97.
During the session, shares of 558 listed companies were traded. At the end of the session, 311 stocks closed in the green, 227 in the red, and 20 remained unchanged.
Among these 558 firms, stocks that contributed positively to the index included TRG Pakistan (+40 points), Cherat Cement (+26 points), HBL (+23 points), Maple Leaf Cement (+22 points) and Kohinoor Textile Mills (+20 points).
Stocks that contributed negatively were Colgate-Palmolive (-17 points), Engro Corporation (-11 points), Pakistan Oilfields (-10 points), Lucky Cement (-10 points) and Engro and Polymer Chemicals (-8 points).