Daily Times

Bulls returned to Pakistan Stock Exchange (PSX) as the bourse completed its correction mode to cross the 41,000 level, after it surged 800 points as investors displayed strong sentiment amidst heavy buying.

At close, the benchmark KSE 100 share Index recorded an increase of 799.47 points, or 1.98%, to settle at 41,127.79. The Primary factor that helped the bulls in maintaining positive momentum throughout the day was the buying activity performed by the financial institutions to raise the value of their portfolios. The mutual funds bought $4.6 million worth of shares where as individual buyers bought $ 5.6 million worth of shares.

All Share Volume increased by 0.61 million to 236.83 million shares. Market Cap increased by Rs.94.55 billion. The value of shares traded during the day was Rs 7.95 billion.

Sectors that propped up the index were commercial banks with 360 points, oil & gas exploration companies with 140 points, oil & gas marketing companies with 54 points, Power Generation & Distribution with 44 points and Investment Banks with 35 points.

The volume table was led by the technology sector with trading in 33.6 million shares, followed by oil and gas marketing companies 27.7 million shares and vanaspati manufacturers 27.2 million. Among the companies Unity Foods witnessed trading volumes of 27.2 million, followed by WorldCall Telecom 21 million shares and Hascol 17.8 million, the report said.

Habib Bank Limited remained the top contributor to the index which contributed 119 points followed by Oil and Gas Development Company Limited with 70 points, United Bank Limited with 56 points, Bank Al Habib Limited with 51 points and Pakistan Petroleum with 44 points.

Meanwhile, Pakistan’s Prime Minister Imran Khan said, that year-2020 will be the year of economic progress and job growth for Pakistan, after his government stabilised the economy in the outgoing year.

Prime Minister, addressing a Pakistan Tehreek-e-Insaf (PTI) rally in Pind Dadan Khan, said “The next year will be one of progress for Pakistan. It will be a year when jobs will be given to people,” said the

He admitted that the current year had proven difficult for the poor. The prime minister credited his government’s policies, saying exports and remittances were continuously on the rising trend. He said the government had to use up the tax money that it collected and give it to international donors as the country had sought heavy loans from them.

“In 2019, we stabilised our economy,” he said. “God willing, 2020 will be the year when prosperity comes to Pakistan.”

Prime Minister Imran lashed out at political opponents for wasting Pakistan’s resources when they were in government. He said that not everyone could bring about reforms because “the corrupt mafia stands in the way.”

“Some people [political opponents] fear that if this government succeeds, they will go to jail,” he said. “Some journalists who made money and benefited from the old system are also against our government.” He said that “a bad time” was about to come for the corrupt mafia. The prime minister took an indirect gibe at opposition leaders by saying that those who had gathered at the container against him to save their looted wealth will once again feel the sting as the government will take action against them.

Asia: Stock markets traded higher amid optimism over phase-1 trade deal between U.S. and China that will boost exports and corporate earnings. Investors’ participation, however, remained low following holiday season.

Mainland Chinese stocks rose on the day, with the Shanghai composite up 0.85% to around 3,007.35 and the Shenzhen component adding 0.72% to 10,303.72. The Nikkei 225 in Japan closed 0.60% higher at 23,924.92 as shares of Family mart rose nearly 1.48%.South Korea’s Kospi index also gained, ending 0.36% higher at 2,197.93 as shares of chipmaker SK Hynix jumped about 1%. Meanwhile International oil prices gained 0.71% as Russia reaffirmed its cooperation with OPEC to curtail oil production.