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KSE-100 recovers with over 345 points

With a lower day-on-day volume at the Pakistan Stock Exchange (PSX), the KSE-100 recovered well above 47,000 level amid a bullish session on Tuesday.

The benchmark KSE-100 Index finished 345.66 points or 0.74pc higher to end at 47,258.45 points. The market will now open on Friday.

Investors are keenly following developments on the evolving situation in Afghanistan, with Pakistan’s foreign policy regarding a new setup in Kabul crucial for economic sentiment in the country.

Meanwhile, on Tuesday, Allied Bank Limited (ABL) announced earnings for 1HCY21 at Rs8.9bn (EPS: Rs7.75), increasing 5pc YoY/16pc QoQ, led by strong NFI growth and reversals in provisioning. Kot Addu Power Company Ltd (KAPCO) in its FY21 financial result posted a profit-after-tax of Rs10.2bn (EPS: Rs11.62), down by 57pc YoY compared to Rs23.6bn (EPS: Rs26.83) during FY20.

Volume on the all-share index decreased from 251.80 million on Monday to 246.07 million on Tuesday. However, the value of shares traded during the session jumped to Rs11.47 billion, from Rs10.14 billion on Monday. TPL Properties remained the volume leader with 30.97 million shares, followed by Ghani Global Holding with 16.97 million shares, and TRG Pak Ltd at 14.07 million shares.

Shares of 461 companies were traded on Tuesday, of which 332 registered an increase, 110 recorded a fall, while 19 remained unchanged.

Agencies add: Sector wise, the index was let down by glass and ceramics with two points, paper and board with two points, real estate investment trust with one point and leasing companies with one point. The most points taken off the index were by BAHL which stripped the index of six points followed by KTML with six points, FCEPL with four points, PKGS with three points and HBL with three points.

According to market experts, the bourse went up on Tuesday as geopolitical uncertainty surrounding the Afghan situation settled down. Markets calmed after the Taliban spokesperson announced a general amnesty for government officials and assured uninterrupted evacuation of affectees, they said. Investors also cherished the extension of subsidised power and gas tariffs to the export sector for another year, a closing note by Aba Ali Habib Securities said.

Filed Under: Business

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