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Stocks closed higher on Tuesday, extending their rebound, as markets tracked a rally in global shares and coal prices, dealers said
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed 218 points or 0.52 percent to close at 42,265.36 points against 42,047.36 points recorded in the last session. The highest index of the day remained at 42,314.16 points while the lowest level of the day was recorded at 42,047.36 points.
Brokerage Arif Habib Ltd said another range-bound session was witnessed at the PSX. “The market opened in the positive zone continuing its momentum from the previous close as investors’ participation remained sluggish throughout the trading session,” the brokerage said in a post market note. “Investors continued value hunting across the board although the cement sector remained in the limelight due to international coal prices plummeting.”
KSE-30 index also inched up by 77.69 points or 0.51 percent to 15,377.59 points compared with 15,299.90 points recorded in the last session.
Traded shares decreased by 3 million shares to 237.359 million shares from 240.219 million shares. The trading value rose to Rs5.801 billion from Rs5.447 billion. Market capital expanded to Rs6.766 trillion from Rs6.751 trillion. Out of 362 companies active in the session, 188 closed in green, 142 in red and 32 remained unchanged.
Analyst Ahsan Mehanti at Arif Habib Corp said tock closed bullish as likely debt relief from UN after package from China and Saudia Arabia kept positive momentum.
“Strong rupee, surging global crude oil prices and a $3 billion WB commitment for the energy sector played catalytic role in a bullish close,” he said.
Major positive contributors in the trading session were MEBL, ENGRO and BAFL which cumulatively added 71 points in the benchmark index.
Analyst Muhammad Arbash at Topline Securities said equities closed positively where the benchmark index settled at 42,265 level (up 0.52 percent).
“Market continued its yesterday positive momentum over expectation of rollover of $13 billion upcoming debt payment from China and Saudi Arabia further investors also cheered the decline in international coal prices which led the cement sector to remain in the limelight where LUCK, CHCC, FCCL, and PIOC closed higher,” he said.
The highest increase was recorded in shares of Reliance Cotton, which rose by Rs43.85 to Rs633.85 per share, followed by Khyber TobaccoXB, which increased by Rs32.49 to Rs465.71 per share. A significant decline was noted in shares of Rafhan MaizeXD, which fell by Rs854 to Rs10,576 per share, followed by Allawasaya Tex, which decreased by Rs249.16 to Rs3,073.03 per share.
Sectors contributing to the performance included commercial banks (+97.9 points), cement (+61.6 points), fertilizer (+43.2 points), E&P’s (+40.3 points) and automobile assembler (+26.7 points).
Fauji Foods Ltd remained the volume leader with 31.070 million shares that increased by 51 paisas to Rs6.35 per share. It was followed by WorldCall Telecom with 22.922 million shares that closed lower by 4 paisas to Rs1.57 per share.
Other stocks that recorded significant turnover included Cnergyico PK, Hascol Petrol, HBL Total Treas, Faysal BankXD, Dewan Motors, Hum NetworkXB, Pak Refinery and Bank Al-Falah.
Shares’ turnover in the future contracts increased to 53.879 million shares from 53.090 million shares.
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