KSE-100: Stocks stage recovery over positive economic indicators

Author: Equities Correspondent

Bulls had their way at Pakistan Stock Exchange (PSX) on Wednesday, as positive economic indicators lifted market sentiments.

On Wednesday, the benchmark KSE-100 opened on a positive note and touched intra-day high at 45,347.40 level after gaining 298 points. By the closing bell the benchmark index gained 262 points to clock at 45,311.22 level.

During the session the market cheered the growth in the large-scale manufacturing (LSM) sector, which posted a 7.45 per cent surge in the first eight-month (Jul-Feb) of current fiscal year 2021 amid third wave of the Covid-19 pandemic in Pakistan, according to the Pakistan Bureau of Statistics (PBS).

Moreover, Investors responded positively to the GDP growth forecast up-gradation to an estimated 3 per cent GDP growth for the ongoing fiscal year (FY21) and 4.2pc GDP growth for the next fiscal year (FY22). For FY21, the government expects GDP growth rate at 2.9pc which is higher than the budgeted 2.1pc. However, the revised rate of inflation is at 8.7pc which is significantly higher than the 6.5pc target. The government has also now revised the budget deficit estimate for current fiscal year to 7.4pc of GDP against 7.1pc budget target while the debt-to-GDP ratio has been revised to 86.8pc instead of budget 87pc.

Market Capital increased by Rs.36.56 billion, while total value traded decreased by 2.01 billion to Rs.16.44 billion

The volume chart was led by First National Equities Limited followed by Media Times Limited and Ghani Global Limited. The scrips exchanged 43.1 million, 20.2 million and 19.5 million shares, respectively.

According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net sellers of $0.55 million worth of equities. Among local investors, Companies, Banks and Insurance Companies led the selling chart, which offloaded $1.9 million, $1.3 million and $1.26 million worth of equities.

During the session, sectors which lifted the index were Technology & Communication with 46 points, Cement with 35 points, Commercial Banks with 29 points, Oil & Gas Exploration Companies with 26 points and Refinery with 24 points. Among the scrips, the most points added to the index was by TRG Pakistan which contributed 32 points followed by Fauji Fertilizer Company Limited with 19 points, Habib Bank Limited with 19 points, Lucky Cement Limited with 18 points and Attock Refinery Limited with 17 points.

However, the sectors which dented the index were Food & Personal Care Products with 6 points, Power Generation & Distribution with 4 points, Sugar & Allied Industries with 2 points and Investment Banks with 2 points. Among the scrips, the most points taken off the index was by Muslim Commercial Bank which stripped the index of 12 points followed by Pakistan Oilfields Limited with 9 points, Allied Bank Limited with 4 points, Kohinoor Textile Mills Limited with 3 points and Unity Foods Limited with 3 points.

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