Bull-run rally continues as KSE-100 index jumped 266.58 points to cross the 34,000 barrier
KARACHI: The Pakistan Stock Exchange (PSX) witnessed another session of buying as the index broke the 34,000 psychological barrier intra-day. Contrary to recent trends, the exchange acted opposite to majority of Asian markets, which wavered between the red and green on Wednesday.
Crude futures jumped as an agreement among exporters to freeze output underpinned the market.
The benchmark KSE-100 index jumped 266.58 points to cross the 34,000 barrier but failed to sustain above the level. The index ended at 33,946.37 up 179.88 points. KMI 30 appreciated 572.78 points before closing at 59,966.15 (+296.14 points). The KSE All Share index settled at 23,347.72, 135.15 points positive. A total of 233 scripts landed in green while 105 closed gap down.
The market volumes reduced to 298.77million from previous session’s 327.63million but still well above average daily volume recorded in current calendar year to date.
The technology and communications sector led the volume chart with Media Times Limited (MDTL +7.14%) ended as top gainer. TRG Pakistan Limited (TRG +3.76%) and Pakistan Telecommunication Company (PTC +3.49%) also bagged handsome gains.
After a day of fall, the cement sector acted strong again. Low and mid cap companies were on top of the sector as Dewan Cement Limited (DCL +6.89%) was traded the most and Safe Mix Concrete Limited (SMCPL +7.95%) gained the most. Maple Leaf Cement Factory (MLCF +1.97%) and Dera Ghazi Khan Cement (DGKC +1.10%) traded at their 52-week high prices of Rs 100.25 and Rs 183.80.
The sector was up after All Pakistan Cement Manufacturing Association released sales dispatch figures for the month of March. Cement Dispatch figures swelled up to 3.58 million tonnes from 3.00 million tonnes in Februrary. The industry utilised over 90% of its total installed capacity. Local dispatches rose 19.14% YoY and exports were up 20.58% YoY.
The power generation and distribution sector was third on the volume chart. K-electric Limited (KEL +3.48%) was highest traded script in the session with volume of 25.56million. Buying was seen in Kohinoor Power Limited (KOHP +13.13%), Tri-Star Power Limited (TSPL +9.58%) and Japan Power Generation Limited (JPGL +5.25%). Big names Hub Power Company Limited (HUBC -0.40%) and Nishat Chunian Power Limited (NCPL -0.16%) ended lower. Oil and gas exploration sector escalated after the slight recovery in international prices of crude oil and the new hopes of a likely production freeze. Mari Petroleum Limited (MARI) increased 2.49%, Oil and Gas Development Company (OGDC) edged up 1.52% and Pakistan Petroleum Limited (PPL) and Pakistan Oilfields Limited (POL) inched up 1.22% and 0.46% respectively.
Source: Daily Times