PSX adds 121 points amid relative political stability
KARACHI: The Pakistan Stock Exchange (PSX) took a breather after experiencing high volatility in the past sessions.
Buying was seen at the bourse as situation relatively calmed down at the political front. Asian markets were seen on the rise too after the crude oil extended gains. Brent crude oil hit a four-month high of $44.84 on Wednesday ahead of a crucial meeting between OPEC and non-OPEC member oil producers. Future and outcome of the meeting remains questionable as reports emerged on whether Iran would participate or not.
The benchmark KSE-100 index wavered between +168.82 points and -40.47 points before settling 121.49 points up at 33,767.59.
The KMI 30 index companies gained investor interest and touched a high of +510.49 points to land with 417.69 points appreciation at 59,747.53. The KSE All Share Index recorded minor raise of 29.39 points to close at 23,139.10.
The day saw 192 scripts edge higher and 110 scripts move down. The market volumes remained in line with the last session at 188.783 million.
The technology and communications sector dominated the volume chart again with 42.72 million shares exchanged. TRG Pakistan Limited (TRG -2.32%) was highest traded, volume of 33.34million. Overall sector remained mixed with Hum Network Limited (HUMNL +3.09%) on top followed by Pakistan Telecommunication Company (PTC +2.55%). The board of Pakistan Telecommunication Company (PTC +2.55%) finalised results for the quarter ended March 31, 2016. The company reported sales of Rs 17.99billion in the first quarter of FY16 down from Rs 19.25 billlion sales for the same period FY15. Other income swelled 185% to Rs 2.29 billion, assisting profit after taxation to grow 27% to Rs 3.13 billion. Earnings per share clocked at Rs 0.61. No interim dividend was announced.
A total of 25.39million shares were traded of the Refinary sector as all the four scripts closed gap up. National Refinary Limited (NRL +5.00%) and Attock REfinary Limited (ATRL +5.00%) both hit the upper circuit price while Pakistan Refinary Limited (PRL) and Byco Petroleum Limited (BYCO) surged 4.98% and 2.02% respectively.
Attock Cement (Pakistan) Limited (ACPL +1.98%) declared results for the third quarter of financial year 2016. The company reported a 10.96% quarter-on-quarter growth in sales. Sales mounted to Rs 3.92 billion and converted into profit after taxation of Rs 2.66 billion for the quarter. After a growth of 40.16% earnings per share stood at Rs 8.22.
Bank Al Habib Limited (BAHL +0.69%) reported a markup of Rs 12.19 billion for the first quarter and after tax profit of Rs 2.53 billion. Earnings per share were declared at Rs 2.28.