Bulls dominate as KSE-100 surges 824 points

Author: By Equities Correspondent

Bulls march at KSE-100 as market continued with the growth momentum for the eighth consecutive session. Pakistan Stock Exchange (PSX) ended positively once again accumulating over 800 points.

Gaining 839.57 points, the KSE-100 Index marked its intraday high at 36,817.73. The index settled higher by 824.94 points to clock at 36,803.10. The KMI-30 Index gained 1,472.51 points to close at 60,416.86, while the KSE All Share Index amassed 396.31 points, ending at 26,126.93. Out of the total traded shares, 277 advanced and 60 declined.

The index has been feeding off a hoard of different factors, including the successful review of Pakistan’s economy by International Monetary Fund, wherein the latter was convinced that Pakistan had successfully met all first quarter performance criteria by good margins.

Overall volumes remained healthy and were recorded at 282.94 million. The Bank of Punjab gained 4.62pc, Worldcall Telecom 1.18pc and Maple Leaf Cement Factory Limited with 5.28pc led the volume chart. The scripts had exchanged 35.92 million, 14.48 million and 11.77 million shares, respectively.

Sectors that propped up the index included banking which added 220.80 points, oil and gas exploration 142.25 points, power generation and distribution 107.99 points and cement with 82.24 points. Among the companies the top contributors to the index were Hub Power Company Limited adding 81.09 point, United Bank Limited 56.29 points and Oil and Gas Development Company Limited 51.92 points.

The most points taken off the index was by Pakistan Tobacco Company Limited which stripped the index of 28 points followed by Philip Morris(Pak) Limited with 8 points,Murree Brewery Company Limited with 4 points, Dolmen City Reit with 1 point .

Meanwhile,Prime Minister Imran Khan says the development of the construction sector is essential to accelerate the economic growth of the country. While chairing a high-level meeting on restoration and promotion of the construction sector, Prime Minister said about forty industries are associated with the construction that can grow with the development of this sector and would also create job opportunities for the youth.

He said with the development of the construction sector, the most important project of the five million homes can be completed.

The meeting discussed various suggestions on the provision of loans for construction, uniform tax rates in provinces and enhancing public-private partnership in the sector.