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PSX closes in green amid range-bound trading
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

PSX closes in green amid range-bound trading

KARACHI: The Pakistan Stock Exchange (PSX) ended a range-bound session on Thursday slightly positive. Foreign investors closed as net buyers for the sixth consecutive session on Wednesday with a net inflow of $1.80 million.

The KSE-100 Index recorded its intraday high at 37,507.02 after gathering 340.06 points. It then slid to its intraday low at 37,130.01 after shedding 36.95 points. The index finally settled higher by 76.24 points at 37,243.20. The KMI-30 Index appreciated by 158.71 points to close at 60,732.97, while the KSE All Share Index gained 39.23 points, closing at 26,439.91. The advancers to decliners ratio stood at 212 to 148.

The overall trading volumes surged from 275.31 million in the preceding session to 336.02 million. Maple Leaf Cement Factory Limited Right (MLCFR1 +2.11pc), The Bank of Punjab (BOP +0.10pc) and Pak Elektron Limited (PAEL +2.99pc) led the volume chart. The scripts had exchanged 38.60 million shares, 17.65 million shares and 16.33 million shares, respectively.

Sector that helped the index close in green included automobile assembling (+40.36 points), banking (+23.06 points), cement (+22.71 points), pharmaceutical (+17.22 points) and technology & communication (+12.54 points).

Meanwhile, Honda Atlas Cars (Pakistan) Limited (HCAR +4.99pc) sales dropped by 54pc in 2QMY20. Gross profit margin improved from 7pc in the last quarter to 10pc. Other income fell 86pc compared to the previous quarter while finance cost surged by 267pc. The company’s earnings per share increased from Rs1.69 in 1QMY20 to Rs 3.57.

According to media reports, automakers have decided to reduce their production to cut operational costs owing to low demand in the market. HCAR would observe 23 days of non-production during the month while Indus Motor Company Limited (INDU +4.72pc) has already announced to operate with a single shift till December 2019.