The stock market extends its winning rally throughout the trading session amid improved volumes. The benchmark KSE 100 Index gained 240 points (0.72 per cent) and closed at 33,439.
Albeit, the positive sentiment has improved the index, the investors’, however, have been playing low amid the political and economic issues. On the political front the government has to grapple with the planned Azadi March to Islamabad by the opposition parties led by JUI-F-detrimental to the investors’ confidence.
On the economic front, Financial Action Task Force’s prospective decision which allowedPakistan only four months to complete the gargantuan task of implementing 21- point action plan to spare itself from the black list, has left the investors uncertain.
Gaining 440.80 points, the benchmark KSE 100 Index marked its intraday high at 33,639.76. It closed higher by 240.73 points at 33,439.69. The KMI 30 Index surged by 589.96 points to settle at 54,092.83, while the KSE All Share Index accumulated 209.64 points, ending at 24,304.12. Out of the total traded shares, 180 advanced, 118 declined, while the value of 16 remained unchanged.
Sectors propping up the index were Oil & Gas Exploration Companies with 96 points, Fertilizer with 52 points, Commercial Banks with 44 points, Food& Personal Care Products with 20 points and Transport with 12 points.
Stocks that contributed significantly to the volume included World call Telecom, Lotte Chemical Pakistan Limited and Quice Food Industries Limited .The scripts exchanged 12.56 million shares, 6.77 million shares and 6.65 million shares respectively. Overall trading volumes improved from 83.59 million in the previous session to 116.94 million.
Nishat Power Limited (NPL) has declared net earnings of Rs. 1.3 billion (EPS: Rs. 3.779) for the quarter ended September 30, 2019, i.e. around 36% higher as compared to the corresponding period of last year.According to the notification issued to PSX by the company, the top-line earnings decreased by 15.29% to Rs. 4.9 billion due to drop in load factor. However, the decline in cost of sales by 30% helped in lifting the gross profits by 37%.
Rafhan Maize Products Limited announced earnings per share of Rs156.49 for the third quarter of FY19 (Rs131.01 in 3QFY18) along with an interim cash dividend of Rs100.
Meanwhile, Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar earlier said, that the incumbent government’s economic reform measures will strengthen the country’s economy noting that investors’ confidence is rebounding as the economy takes course corrective measures. He stated that CPEC has now entered its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation.