Daily Times

Pakistan Stock Exchange (PSX) snapped a three-day losing streak with a bang amid lower inflation figures and developments on the privatization front, with the benchmark KSE-100 Index gaining 1,244.45 points (+1.76 percent) to close at 71,902.09 points.

The market opened on a positive note and remained in the green throughout the session. The Consumer Price Index (CPI) based inflation rate came in at a 23-month low of 17.3 percent year-on-year in April, latest numbers released by Pakistan Bureau of Statistics (PBS) showed on Thursday. This is the lowest reading in the last 23 months. Similarly, the weekly inflation evaluated by the Sensitive Price Indicator (SPI), showed a decrease of one percent for the third week in a row, PBS reported on Friday.

Similarly, interest was also witnessed in Pakistan International Airlines (PIA) stocks after it was reported that 10 bidders, including Pakistani business tycoon Arif Habib and aviation-based company Gerry’s Group, were looking to buy a majority stake in PIA. The government has previously said it was putting on the block a stake of between 51 percent and 100 percent in the loss-making airline as part of reforms urged by the International Monetary Fund (IMF).

In a key development, the United States said that technical engagements through trade and investment ties are priorities of Pak-US bilateral relations. During a press briefing, US Spokesperson Matthew Miller was asked about economic reforms in Pakistan. “When it comes to efforts to stabilize its economy, including through reaching an agreement with the International Monetary Fund, we support those efforts,” the spokesperson said.

The benchmark index traded in a range of 1,314.72 points, showing an intraday high of 71,986.43 points and an intraday low of 70,671.71 points. Among other indices, the KSE All Share Index gained 769.67 points (+1.64 percent) to close at 46,919.98 points. Similarly, the KMI All Share Islamic Index gained 666.83 points (+1.98 percent) to close at 33,716.11 points.

Total volumes traded for the KSE-100 Index remained 227.54 million shares, while the overall market volumes remained 452.16 million shares. Among scrips, PPL topped the volumes with 26.66 million shares, followed by HASCOL (25.58 million) and FCCL (19.31 million). Stocks that contributed significantly to the volumes included PPL, HASCOL, FCCL, PAEL, and KEL, which formed 23 percent of total volumes.

A total of 376 companies traded shares in the stock exchange, out of which shares of 248 closed up, shares of 102 companies closed down while shares of 26 companies remained unchanged. A total of 97 companies traded shares in the KSE-100 Index, out of which share prices of 79 companies closed up, 14 companies closed down and four remained unchanged. The number of total trades remained 230,145, while the value traded was recorded at Rs24.55 billion.

In terms of rupee, UPFL remained the top gainer with an increase of Rs240.83 (+1.26 percent) per share, closing at Rs19,379.98. The runner-up remained NESTLE, the share price of which climbed up by Rs100.11 (+1.34 percent) to Rs7,585.11. HCL remained the top loser with a decrease of Rs68.03 (-6.4 percent) per share, closing at Rs994.94, followed by SHSML, the share price of which fell by Rs24.61 (-4.28 percent) to close at Rs550.38 per share.

The major sectors taking the index towards north remained oil & gas exploration companies (367 points), commercial banks (212 points), cement (157 points), power and distribution companies (153 points), investment banks/investment companies/ securities companies (89 points), fertilizer (77 points), oil & gas marketing companies (64 points), engineering (32 points), and textile composite (26 points).

Major companies adding points to the index remained PPL (188 points), HUBC (114 points), OGDC (109 points), BAHL (98 points), BAWH (86 points), MARI (62 points), MEBL (54 points), FFC (53 points), MCB (50 points), and UBL (38 points).

The major sectors taking the index towards south remained automobile parts and accessories (11 points), and modarabas (2 points).

Major companies depriving the index of points remained HMB (16 points), AVN (12 points), THALL (11 points), SCBPL (5 points), HBL (4 points), AKBL (3 points), and FABL, HINOON, NPL and NBP (2 points each).