KARACHI: The Pakistan Stock Exchange (PSX) welcomed the diminishing trend in global energy prices on Thursday as its benchmark index closed at 44,586 points, up 212.81 points or 0.48 per cent, from a day ago.

According to Topline Securities, the stock market opened on a positive note as Russia announced its willingness to stabilise the global energy market by exporting more gas to the European region. The KSE-100 index made an intraday high of 44,947 points, up 574 points or 1.29pc, before investors initiated profit-taking.

On the corporate announcements front, TeleCard Ltd announced full-year results with earnings per share of Rs1.69 for 2020-21 against a loss per share of Rs0.25 in the preceding year. Along with the result, it also declared 5pc bonus shares.

The drop in coal prices reversed the selling tide in the cement sector, according to Arif Habib Ltd, while the overnight dent in international oil prices caused downward pressure in energy exploration and production stocks.

The positive stride in the index also propelled steel stocks upwards. In addition to cement, banks and refineries also received investors’ preference.

Sectors contributing to the index’s performance inclu­ded cement (101 points), banks (65 points), technology (36 points), textile (23 points) and chemical (-21 points).

The traded volume increased to 296m shares, up 17pc from a day ago. The average traded value also increased 4pc to reach $61.2m against $59m on Wednesday.

Stocks that contributed significantly to the volume include WorldCall Telecom, TeleCard Ltd, Treet Corporation, Unity Foods and Jahangir Siddiqui and Company. These stocks formed 44pc of the total volume.

Stocks that contributed positively to the index were TRG Pakistan (40 points), Cherat Cement Company (26 points), Habib Bank Ltd (23 points), Maple Leaf Cement (22 points) and Kohinoor Textile Mills (20 points).

Stocks that contributed negatively were Colgate-Palmolive (17 points), Engro Corp (11 points), Pakistan Oilfields (10 points), Lucky Cement (10 points) and Engro Polymer and Chemicals (8 points).

Published in Dawn, October 8th, 2021

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