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Stocks gain 126 points in volatile session

Stocks gain 126 points in volatile session

KARACHI: Pakistan Stock Exchange (PSX) witnessed another volatile trading session on Friday, with the indices shifting sides before settling in the green. The benchmark KSE-100 Index recorded its one week return at -1.23pc.

On the economic front, Pakistan’s liquid foreign exchange reserves increased by $147 million to $18,271 million (as on January 17, 2020). The reserves previously stood at $18,124 million (Jan 10). Net reserves held by the State Bank of Pakistan rose by 1.26pc while net reserves with commercial banks remained flat at $6,539.50 million.

After a positive start to the day, the KSE-100 index dipped to intra-day low at 42,250.56 after losing 256.39 points. The index oscillated in both directions thereon and recorded its intraday high of 42,707.43 (+200.48 points). It closed higher by 126.08 points at 42,633.03. The KMI-30 Index gained 299.64 points to close at 68,956.76, while the KSE All Share Index jumped 0.25pc, concluding the day at 29,529.89. Out of the total traded scripts, 164 advanced and 141 declined.

Sectors that brought stability to the index included cement (+40.93 points), oil & gas exploration (+29.08 points) and power generation & distribution (+18.50 points). Among the companies, Pak Petroleum Limited (PPL +42.14 points), Bank AL Habib Limited (BAHL +16.72 points) and Lucky Cement Limited (+15.60 points) remained the top positive contributors to the index.

The overall market volumes contracted by 25pc and were recorded at 172.68 million. Maple Leaf Cement Factory Limited (MLCF +2.71pc) topped the volume chart, followed by Al- Shaheer Corporation Limited Right Shares (+43.10pc) and Hascol Petroleum Limited (HASCOL +5.48pc). The scripts had exchanged 17.66 million, 14.03 million and 13.90 million shares, respectively.

On the market front, Mari Petroleum Company Limited (MARI -0.17pc) reported its financial performance for the second quarter of FY20. The company’s revenue surged by 14pc YoY to Rs14.60 billion as compared to the same period last year. The company’s finance income rose from Rs475.19 million to Rs1.38 billion, which helped improve its earnings per share from Rs44.35 last year to Rs54.61. The company’s cumulative EPS for the first two quarters of FY20 was recorded at Rs110.55.