Daily Times

Bulls marched at Pakistan Stock Exchange (PSX), as the indices rallied on first trading session of the week while volumes soared to the highest levels since May 2017.The index delivered a remarkable performance by gaining 827 points or an increase of 2.15% from the previous day’s closing to arrive at 38,411 level.

The power sector was dove up by IMF’s approval for the Sukuk II energy Islamic bond meanwhile the investors’ were upbeat about the upcoming monetary policy on November 22, 2019 in anticipation that the state bank of Pakistan will slash the interest rates. Previously, the central bank had kept the policy rate unchanged at 13.25pc.

The benchmark KSE 100 Index recorded its intraday high at 38,452.73 after gaining 868.84 points. It settled higher by 827.67 points or 2.15pc at 38,411.56. The KMI 30 Index gained 1,329.26 points to close at 62,549.91, while the KSE All Share Index ended higher by 534.26 points at 27,248.39. Out of the total traded scripts, 277 advanced and 94 declined.

Of the 97 traded companies in the KSE100 Index, 83 closed up 13 closed down, while 1 remained unchanged. The total volume traded for the index was 268.79 million shares. The all share volume increased by 97.04 million to 466.08 million shares. Market cap increased by Rs.145.17 Billion. The overall trading volumes jumped up to 466.08 million, of which 268.79 million came from the 100 index scripts.

Sectors that propped up the index included banking adding 163.86 points, fertilizer 131.44 points and power generation & distribution 114.29 points. Among the companies, Engro Corporation Limited Power Company Limited and United Bank Limited remained the top contributors to the index.

The volume chart was led by The Bank of Punjab, K-Electric Limited and Fauji Cement Company Limited topped the volume chart. The scripts had exchanged 37.60 million, 28.39 million and 18.76 million shares, respectively.

The most points added to the index were by ENGRO which contributed 100 points followed by Hub Power Company Limited with 89 points, UBL with 62 points, Lucky Cement Limited with 51 points and PSO with 41 points.

Meanwhile, according to the provisional figures compiled by the Pakistan Bureau of Statistic, total exports from Pakistan during the month of October, 2019 amounted to Rs. 315,698 million (provisional) as against Rs. 276,276 million (provisional) in September, 2019 and Rs. 247,217 million during October, 2018 showing an increase of 14.27% over September, 2019 and of 27.70% over October, 2018.

Exports during July-October, 2019 totaled Rs. 186,705 million (provisional) as against Rs. 913,880 million during the corresponding period of last year, showing an increase of 29.85%.