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Bullish trend continues as KSE-100 surges 824 points

Bullish trend continues as KSE-100 surges 824 points

KARACHI: Continuing with the growth momentum for the eighth consecutive session, the Pakistan Stock Exchange (PSX) ended positively once again on Monday, with the KSE-100 Index accumulating over 800 points.

On the economic front, the International Monetary Fund (IMF) team has expressed satisfaction over Pakistan’s performance on the loan programme.

The government has approved a package for electricity supply mainly to the industrial sector at a flat rate (Rs11.97), which will be lower than the normal tariff, in an attempt to boost production, said Minister for Power Omar Ayub Khan.

The government reduce capacity payments worth billions of rupees to the power producers, especially the private sector.

Gathering 839.57 points, the KSE-100 Index marked its intraday high at 36,817.73. The index settled higher by 824.94 points at 36,803.10. The KMI-30 Index gained 1,472.51 points to close at 60,416.86, while the KSE All Share Index amassed 396.31 points, ending at 26,126.93. Out of the total traded shares, 277 advanced and 60 declined.

Sectors that helped the index stay in the green included banking (+220.80 points), oil and gas exploration (+142.25 points), power generation and distribution (+107.99 points) and cement (+82.24 points). Among the companies, Hub Power Company Limited (HUBC +81.09 points), United Bank Limited (UBL +56.29 points) and Oil and Gas Development Company Limited (OGDC +51.92 points) remained the top contributors to the index.

The overall volumes remained healthy and were recorded at 282.94 million. The Bank of Punjab (BOP +4.62pc), Worldcall Telecom (WTL +1.18pc) and Maple Leaf Cement Factory Limited (MLCF +5.28pc) led the volume chart. The scripts had exchanged 35.92 million, 14.48 million and 11.77 million shares, respectively.

The oil and gas marketing sector gained +4.28pc in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO +5.00pc), Attock Petroleum Limited (APL +5.00pc) and Shell Pakistan Limited (SHEL +5.00pc) all touched their upper circuit breakers.

Moreover, Sazgar Engineering Works Limited (SAZEW -0.38pc), in a notification to the exchange, announced its production and sales figures for the month of October 2019. According to the notification, 1,258 units were manufactured while 1,098 units were sold.