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PSX sustains bullish momentum amid soaring volumes

PSX sustains bullish momentum amid soaring volumes

KARACHI: Bulls maintained their grip on the Pakistan Stock Exchange (PSX) for the third consecutive session on Wednesday, with the benchmark KSE-100 Index crossing the 39,000-mark intraday amid soaring volumes.

Global equity markets, on the other hand, displayed a mixed pattern, whereas crude oil prices increased from the previous close; WTI crude price rising 1.05pc to $41.47 while Brent crude oil price surged 1.17pc to $44.12.

“The market opened on a positive note but profit booking in banking, steel, chemical and fertiliser sectors — ahead of Eid — dragged the benchmark index lower by the end of the session,” said a report issued by Arif Habib Ltd. “Among exploration & production companies, PPL sustained selling pressure amid high volumes.”

In line with the recent trend, the KSE-100 Index remained in the green throughout the day, registering its intraday high at 39,124.33 after accumulating 497.06 points. It settled higher by 209.00 points at 38,836.27.

Among other indices, the KMI-30 Index gained 693.36 points to close at 62,326.73, while the KSE All Share Index added 83.11 points, ending at 27,336.53. Of the total traded shares, 169 advanced and 162 declined.

The overall market volumes jumped from 393.10 million shares in the previous session to 508.22 million shares. Average traded value also increased by 30pc, from $97.1 million to $126.3 million. K-Electric Limited (KEL +9.69pc), Pak Elektron Limited (PAEL +3.38pc) and TRG Pakistan Limited (TRG +1.29pc) led the volume chart, exchanging 73.29 million, 35.32 million and 30.78 million shares, respectively.

Sectors that drove the index north included cement (62.43 points), power generation & distribution (58.81 points) and oil & gas exploration (49.18 points). Among the companies, Hub Power Company Ltd (HUBC 31.53 points), Lucky Cement Ltd (LUCK 27.57 points) and K-Electric Ltd (KEL 19.26 points) remained the top contributors.

Adding 4.13pc to its cumulative market capitalization, the power generation & distribution sector emerged as the session’s top gainer, with Hub Power Company Limited (HUBC 1.85pc), Kot Addu Power Company Limited (KAPCO 3.49pc) and Engro Powergen Qadirpur Limited (EPQL 1.13pc) posting decent gains.

On the financial side, sugar players Shakarganj Ltd (SML -3.99pc) announced earnings per share of Rs-2.02 for the third quarter of FY20 (Rs2.17 in 3QFY19), Mehran Sugar Mills Ltd (MRNS -3.55pc) declared an EPS of Rs-0.70 for 3QFY20 (Rs4.16 last year), whereas Habib Sugar Mills Ltd (HABSM +0.38pc) posted an EPS of Rs3.08 for 3QFY20 (Rs2.54 last year).