PSX breaks 34,000 mark as PM announces uplift projects

KARACHI: The Pakistan Stock Exchange (PSX) jumped past the 34,000 psychological mark on Wednesday. The market extended gains of Tuesday as the prime minister announced various development projects while further announcements are expected in the coming days.

Another positive trigger came after declaration of $4.10 billion loan from China under the China Pakistan Economic Corridor (CPEC) for motorway and other projects. Majority of Asian markets closed lower as they await decisions from key central banks including US Federal Reserve, Bank of Japan (BOJ) and the Reserve Bank of New Zealand this week.

The benchmark KSE 100 index landed near day’s high of 459.56 points at 34,269.28 (+421.54 points). The KMI 30 index shot up 851.75 points to 60,360.68, led by oil stocks that rallied as analysts forecasted crude oil prices to hit $50.

Oil and Gas Development Company (OGDC +4.99%) banged the upper lock after rumors of the stock getting Shariah-compliant status hit the floor. KSE All Share was up 323.07 points at 23,643.70. The advancers outpaced the decliners, 218 to 126, as 34 scripts closed at their upper circuit breaker price. The market volumes remained stable at last session’s level. A total of 257.63 million shares were traded in the session.

Oil and gas marketing companies led the volume chart followed by the technology and communications sector. Results continued to pour in all day. Standard Chartered Bank (Pakistan) Limited (SCBPL) inched up 1.12%. The bank like several other banks reported a contract in markup earned, 2.98%, but managed to boost profit after taxation to Rs 3.21 billion higher than profit of Rs 2.78 billion reported in the same period last year. Earnings per share stood at Rs 0.83 for the quarter.

Bank Alfalah Limited (BAFL) gained 2.76% after markup earned was down 1.86%, in line with industry average. Profits appreciated 66% to Rs 2.47 billion compared to last quarter. Earnings per share clocked at Rs 1.55.

IGI Insurance Limited (IGIIL -0.94%) was little changed despite 14.42% growth in net premium revenue from last quarter. The company profits were down to Rs 21.73 million from last quarter’s Rs 16.48 million. Per share earnings stood at Rs 0.18.

Colgate Palmolive (Pakistan) Limited (COLG +1.34%) edged up while its peer in the chemical sector Akzo Nobel Pakistan Limited (AKZO) slipped down -2.86%. Archroma Pakistan Limited (ARPL 5.00%) banged the upper lock after declaration of financial results. COLG reported earnings per share of Rs 15.56 taking cumulative earnings of the year to Rs 43.38. AKZO per share earnings were announced as Rs 2.99. ARPL beat market estimates and declared earnings per share of Rs 8.64.

Source: Daily Times

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