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Stocks extend gains with 667-point rally

Stocks extend gains with 667-point rally

KARACHI: Continuing with the positive momentum from the previous session, the Pakistan Stock Exchange (PSX) managed to accumulate decent gains on Monday, with the KSE-100 adding over 1,000 points intraday.

According to market analysts, the partial easing of lockdown on some industries acted as a positive trigger, resulting in increased market participation.

“Cement sector remained on the upper circuit and realised the high trading volumes, whereas oil & gas stocks, with the exception of PSO, saw a dip in value, primarily on the back of international crude prices,” said an analyst at Arif Habib Ltd.

Crude oil prices plummeted 21pc to 21-year low on Monday; WTI Crude Oil plunging by 21pc to $14.47/ barrel, while Brent slipping by 4.2pc to $26.91/barrel.

The KSE-100 Index remained in the green zone throughout the session, registering its intraday high at 33,857.54 after gaining 1,025.71 points. It ended higher by 667.82 points at 33,499.65.

Among other indices, the KMI-30 Index surged by 1,539.44 points to settle at 54,121.54, while the KSE All Share Index added 205.91 points, closing at 23,465.13. Of the total traded shares, 170 advanced and 146 declined.

The overall trading volumes increased 32pc from the previous session and were recorded at 283.15 million (71pc belonging to the KSE-100 scrips). Maple Leaf Cement Factory Limited (MLCF +7.47pc), Fauji Cement Company Limited (FCCL +2.48pc) and Hascol Petroleum Limited (HASCOL -2.16pc) led the volume chart, exchanging 39.64 million, 35.52 million and 23.01 million shares, respectively.

Sectors that the drove the benchmark index north included fertiliser (+220.12 points), cement (+182.94 points) and banking (+96.89 points). Among the companies, Engro Corporation Limited (ENGRO +154.51 points), Lucky Cement Limited (LUCK +90.90 points) and Fauji Fertiliser Company Limited (FFC +69.66 points) remained the top contributors to the index.

The cement sector (winner of the day) added 6.48pc in its cumulative market capitalization, with DG Khan Cement Company Limited (DGKC +7.49pc), Bestway Cement Limited (BWCL+7.25pc), Maple Leaf Cement Factory Limited (MLCF +7.47pc) and Cherat Cement Company Limited (CHCC +7.50pc) accumulating decent gains.

On the financial side, Habib Metropolitan Bank Limited (HMB -1.74pc) reported earnings per share of Rs1.46 for the first quarter of FY20 as compared to Rs1.40 last year, Engro Fertiliser Limited (EFERT -1.63pc) announced an EPS of Rs1.04 for 1QFY20 (Rs2.87 in 1QFY20), Fauji Cement Company Limited (FCCL +2.48pc) posted an EPS of Rs-0.15 for the third quarter of FY20 (Rs0.45 in 3QFY19), IBL HealthCare Limited (IBLHL +6.84pc) registered an EPS Rs1.24 for 3QFY20 (Rs0.38 last year), while I.C.I Pakistan Limited (ICI +2.60pc) published an EPS of Rs7.46 for 3QFY20 (Rs8.16 in 3QFY19).