PSX-continues-bullish-trend-gains-827-points-e1576187826235Pakistan Stock Exchange (PSX) extended its gains on Wednesday, as benchmark Kse-100 added 170.75 points before the closing bell to clock at 46,458.13 index level.
The Index remained positive throughout the session touching an intraday high of 46,698.33 level after gaining 410.95 points, however the index succumbed to selling pressure before the closing bell amid profit- taking.
The index began trading in the green territory right from the opening bell, as buying activity was witnessed across the board, mainly in Technology, Cement, engineering (steel) and refinery companies, as market embrace for financial results season. During the session the trading session investors reacted to series of results, asencouraging earnings from Bank Al Habib Limited, Attock Refinery Limited, Attock Petroleum Limited, and Pakistan Oilfields Limited announced today also raised market momentum.
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 an upcoming ECC meeting.
Thevolume at Kse-100 surged from 341.57 million shares recorded in the previous session, to 373.95million shares, while all-share volume also slightly increased from 603.24 million shares in the previous session to 610.94 million shares. The volume chart was led by Azgard Nine Limited, Pakistan International Bulk Terminal and TRG Pakistan Limited. The scrips exchanged 40.21 million shares, 39.65 million shares and 37 million shares respectively.
According to the National Clearing Company of Pakistan Limited foreign investors were net sellers of worth $1.89million worth of shares. Among the local investors,Individuals led the selling chart and sold $5.13 million worth of equities, while the buying chart was led by Mutual Funds and Companies, with $2.92 million and $1.9 million worth of equities.
Sectors that lifted the index during the session were Technology & Communication with 84 points, Cement with 76 points, Pharmaceuticals with 23 points, Fertilizer with 22 points and Oil & Gas Exploration Companies with 17 points. Among the scrips, the most points added to the index was by TRG Pakistan Limited which contributed 80 points followed by Mari petroleum Company Limited with 25 points, Fauji Fertilizer Company Limited with 23 points, Lucky Cement Limited with 22 points, and Fauji Fertilizer Company Limitedwith 20 points.
However, sectors that continued to add pressure on the index wereCommercial Banks with 43 points, Chemical with 27 points, Food & Personal Care Products with 13 points, Textile Composite with 9 points, and Tobacco with 5 points. Among the scrips, the most points taken off the index was by Bank Al HabibLimited which stripped the index of 34 points followed by Colgate-Palmolive (Pakistan) Limited with 17 points, United Bank Limited with 13 points, Pakistan Petroleum Limited with 11 points and Pakistan Tobacco Company Limited with 10 points.