PSX gains 266 points on back of political stability

KARACHI: Investors heaved a sigh of relief as the stock market finally broke the 33,000 psychological barrier after numerous unproductive attempts. The bourse shot up as the four-day long sit-in by supporters of Mumtaz Qadri came to an end on Wednesday evening.

This was contrary to global market trends, Asian markets closed mostly in the red and European markets carried it forward and opened negative.

The KSE-100 index jumped up 266.63 points breaking the 33,000 barrier, as 7 scripts banged the upper lock. The index settled at 33,139.00 points after having gained 216.60 points. KMI 30 bounced 426.02 points before having ended at 58,218.03, up by 323.72 points. The KSE All Share gathered 211.72 points to reach 22,896.99. The session witnessed 182 advancers and 128 decliners. Another positive from the session was the frog leap in market volumes. The volumes surged to 163.776 million from last session’s 115.696 million, an increase of 42%. Highest volumes were seen in the power generation and distribution sector, mounting to 21.77million. K-Electric Limited (KEL +1.43%) was highest traded while Lalpir Power Limited (LPL +4.97%) managed to hit the upper circuit intra-day.

The cement sector attracted investors who exchanged 20.15million shares of the sector. Kohat Cement Limited (KOHC) rested on top with appreciation of 3.82% followed by Fecto Cement Limited (FECTC +3.80%) and Dewan Cement Limited (DCL +2.86%).

The commercial banks were next. The sector saw 18 out of 24 scripts traded end in the green zone. Low and mid cap companies provided highest percentage return as Silk Bank Limited (SILK) was up 8.39%, Meezan Bank Limited (MEBL) accumulated 2.92% and Bank Al Falah Limited (BAFL) rose 2.72%. Highest volume was recorded in the highest market cap bank, Habib Bank Limited (HBL +0.30%). Mari Petroleum Limited (MARI +2.96%) was star of the oil and gas exploration sector as healthy buying was seen after Wednesday’s declaration of information regarding discovery of hydrocarbon. Other scripts remained weak in absence of a positive trigger as international crude oil prices remained stable.

Pakistan Oilfields Limited (POL) inched up 0.06% while Pakistan Petroleum Limited (PPL) edged down 0.50% and Oil and Gas Development Company Limited (OGDC) shed 0.52%. Pak Elektron Limited (PAEL) lost 2.04% to reach Rs 60.47 after announcement of financial results for the year ended December 31, 2015. Sales swelled up from Rs 15.90 billion to Rs 23.36 billion, a raise of 46.85%. Gross profit margin improved to 24.27% from 20.10% and operating profit margin hit 20.18% from 14.96%. Profit after taxation accumulated to Rs 3.35 billion up 172.97% as earnings per share clocked at Rs 4.09.

Courtesy: Daily Times

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