Bulls have a field day at stock exchange as benchmark index climbs 2.15pc

November 18, 2019

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The bench mark index touched a day high at 37,584 points near the end of the trading.— Photo courtesy of PSX
The bench mark index touched a day high at 37,584 points near the end of the trading.— Photo courtesy of PSX

The Pakistan Stock Exchange (PSX) witnessed a continuation of bullish activity on Monday, with the benchmark KSE-100 Index gaining 827 points — 2.15 per cent — to close at 38,411.

The bench mark index touched a day's high of 38,453 near the end of the trading, while the day's low remained the market opening at 37,584.

The volume and value of KSE-100 index shares traded also increased, with 268.8 million shares worth Rs12.6 billion changing hands during the session.

"Bulls continued on a positive spree as the benchmark index closed the week's first day with a substantial gain of 828 points," a JS Global report said, adding that increased market activity was witnessed as the all-share index volume surged to 466mn shares while the value averaged Rs15.5bn despite mixed political noise from within and beyond borders.

A Topline Securities report mentioned that the International Monetary Fund's (IMF) approval to issue fresh sovereign guarantees of Rs250bn in order to reduce the circular debt in the energy sector led to a surge in oil marketing companies (OMCs) and independent power producers (IPPs). PSO, HASCOL, HUBC, NCPL and NPL closed at their upper circuits, it added.

According to the report, top contributors to the index were ENGRO (+99 points), followed by HUBCO (+89 points), UBL (+62 points) and LUCK (+51 points).

"Investor participation in terms of volume was recorded at 466m shares, up by 26.3pc — day-on-day, highest since May 24, 2017. Similarly, traded value was up 62pc DoD at Rs.15.51bn — highest since November 30, 2018. BOP remained on investors' radar as it recorded the highest volume of 38m shares, followed by KEL and FCCL, which cumulatively added 47m shares to total volume."