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KSE-100 index gains another 911 points

KSE-100 index gains another 911 points

KARACHI: The Pakistan Stock Exchange (PSX) managed to attract investors once again on Thursday after three consecutive positive sessions.

The indices witnessed a good start to the day with the KSE-100 Index crossing the 31,000 mark threshold, improving its weekly return to about 11pc. Foreign investors closed Wednesday’s session as net sellers with a net outflow of $0.610 million.

On the economic front, Pakistan’s foreign direct investment declined by 59pc to $73.4 million in the first month of the current fiscal year (July FY20). According to the State Bank of Pakistan, this was mainly due to a decline in China Pakistan Economic Corridor-related investments.

Crossing the 31,000 points mark, the KSE-100 Index marked its intra-day high of 31,913.32 after gaining 940.57 points. The index settled higher by 911.70 points or 2.86pc at 31,884.45. The KMI-30 Index added 1,880.42 points to close at 50,725.26, while the KSE All Share Index appreciated by 626.30 points, closing at 23,198.68. Out of the total traded scripts, 284 advanced and 45 declined.

The overall market volumes surged to 261.69 million (highest since February 2019). Worldcall Telecom (WTL +27.12pc), K-Electric Limited (KEL +12.95pc) and The Bank of Punjab (BOP +9.39pc) topped the volume chart with 22.57 million shares, 17.93 million shares and 14.81 million shares exchanging hands respectively.

The sectors that helped the index close positively included the oil and gas exploration sector (+212.48 points), banking sector (+181.09 points) and fertiliser sector (+98.11 points).

Among the companies, the Oil and Gas Development Company Limited (OGDC) contributed 80.75 points, Pak Petroleum Limited (PPL) 61.15 points and Engro Corporation Limited (ENGRO) 57.72 points.

Philip Morris Pakistan Limited (PMPK 0.00pc) declared its financials for the second quarter of FY19. The company’s sales increased by 40pc, distribution expenses declined by 21pc  while earnings per share improved from Rs-1.96 in the same period last year to Rs10.95.