Stocks extend overnight gains despite rupee fall
KARACHI: Shares closed on a positive note on Wednesday following news reports that allies in the coalition government wanted the present political setup to stay in power until next year, according to Topline Securities Coalition partners have also given the go-ahead to the government for taking tough decisions to overcome the multiple crises confronting the country on the economic front — something that boded well for investors.
The KSE-100 index stayed in the green zone throughout the day even though main-board activity remained dull owing to a continuous rise of the dollar against the rupee and a lack of clarity on the fiscal adjustment and the resumption of the loan programme with the International Monetary Fund, said Arif Habib Ltd.
As a result, the KSE-100 index settled at 43,026.88 points, up 300.82 points or 0.7 per cent from a day ago.
The trading volume increased 40.9 per cent to 278.8 million shares while the traded value went up 11.9pc to $34.8m on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (27.07m shares), Cnergyico PK Ltd (24.14m shares), Telecard Ltd (23.21m shares), Ghani Global Holdings Ltd (12.91m shares) and Pak Elektron Ltd (12.78m shares).
Sectors that contributed the highest number of points to the benchmark index included cement (57.57 points), technology and communication (55.4 points), fertiliser (38.03 points), power generation and distribution (32.6 points) and food and personal care (26.67 points).
Shares contributing most positively to the index included Lucky Cement Ltd (28.04 points), the Hub Power Company Ltd (25.69 points), TRG Pakistan Ltd (24.14 points), Fauji Fertiliser Company Ltd (24.11 points) and Engro Fertilisers Ltd (17.83 points). Stocks that contributed most negatively to the index included Dawood Hercules Corporation Ltd (15.68 points), Engro Corporation Ltd (11.72 points), MCB Bank Ltd (11.68 points), United Bank Ltd (7.64 points) and Mari Petroleum Company Ltd (6.66 points).
Foreign investors were net sellers as they offloaded shares worth $2.24m.
Published in Dawn, May 19th, 2022