Pakistan-Stock-Exchange-Building-copyPakistan Stock Exchange (PSX) extended its gains on Tuesday, as benchmark Kse-100 added 119.74 points before the closing bell to clock at 46,287.38 index level. The index began trading in the green territory right from the opening bell, as fresh buying activity was witnessed across the board, mainly in Cement, engineering (steel), power and oil &gas marketing companies, as market gears for financial results season. During the session the market witnessed some volatility as investors reacted to earnings announcements made by Fauji Fertilizer Bin Qasim Limited (FFBL) and NRL. National Refinery Limited (NRL) has incurred losses of Rs 822 million during 1HFY21 ended December 31, 2020, depicting a decline of 72.44% YoY against a net loss of Rs 2.98 billion in the same period of last fiscal year. This has translated into a loss per share which clocked in at Rs 10.29 against the loss per share of Rs 37.33 in the aforementioned period. Meanwhile, Fauji Fertilizer Bin Qasim Limited (FFBL) announced financial results for CY20 today, wherein the company posted earnings of PKR 2.2Bn (EPS: PKR 1.7) as against loss of PKR 5.9Bn (EPS: PKR 4.6) in CY19. Better DAP offtake (? 35% YoY) and improved margins due to GIDC elimination in Jan’20 led the company to post a turnaround in profitability.However, the company recorded impairment charge of PKR 4.1Bn on equity investments in FFL (51%) and FML (90%) which kept the profitability of the company in check. Similarly, exploration & production and oil & gas marketing sectors did well due to an uptick in international crude price as well as the pending decision over revision of OMCs dealer margins – expected to be taken in tomorrow’s ECC meeting. This can be accredited to the after-effects of the Monetary Policy Committee meeting that was held on Friday, wherein the State Bank of Pakistan (SBP) maintained the policy rate at 7%. Expectations of improvement in the financial performance for the quarter ended December 31, 2020 further boosted investors’ sentiments. Last week, the central bank kept the benchmark interest rate unchanged at 7 percent on Friday while viewing growth and inflation expectations as well-anchored, although it says COVID-19 is still posing challenges to economic outlook.”At its meeting on 22nd January 2021, the Monetary Policy Committee (MPC) decided to maintain the policy rate at 7 percent. The MPC noted that since the last meeting in November, the domestic recovery has gained some further traction. Most economic activity data and indicators of consumer and business sentiment have shown continued improvement. As a result, there are upside risks to the current growth projection of slightly above 2 percent in FY21,” the SBP said in a statement. The Index remained positive throughout the session touching an intraday high of 46,398.01. Thevolume at Kse-100 surged from 258.30 million shares recorded in the previous session, to 341.57 million shares, while all-share volume also increased from 470.06 million shares in the previous session to 603.24 million shares. The volume chart was led by JS Bank Limited, TRG Pakistan Limited and Fauji Fertilizer Bin Qasim Limited. The scrips exchanged 65.35 million, 36.20 million and 36.02 million shares, respectively. According to the National Clearing Company of Pakistan Limited foreign investors’ sold $2.21 million worth of shares. Among local investors the sellingchart was led by Bankswhich offloaded $1.27 million worth of equities. However, Individuals and Mutual Fundsled the buying chartwith $2.65 million and $0.88 million worth of equities. Sectors that lifted the index were Cement with 93 points, Technology & Communication with 43 points, Oil & Gas Marketing Companies with 34 points, Chemical with 31 points and Oil & Gas Exploration Companies with 22 points. Among the scrips, the most points added to the index was by TRG Pakistan Limited which contributed 37 points followed by Pakistan State Oil with 26 points, Pioneer Cement Limited with 21 points, Lucky Cement Limited with 21 points and Pakistan Oilfields Limited with 17 points. However, sectors that continued to add pressure on the index wereCommercial Banks with 28 points, Investment Banks with 16 points, Pharmaceuticals with 7 points, Glass & Ceramics with 6 points and Tobacco with 5 points. Among the scrips, the most points taken off the index was by Dawood Hercules Corporation Limited which stripped the index of 15 points followed by AGP with 12 points, United Bank Limited with 10 points, Fauji Fertilizer Bin Qasim Limited with 9 points and Bank Alfalah Limited with 9 points.