The stock market contin-ued to gain momentum on Wednesday as index-heavy stocks pushed KSE-loo well above 35,500 points, which rose over 300 points for the day. The rally marked the ninth consecutive session in the green despite growing Covid-19 cases in the country and overseas. An extension in the re-payment period for prin-cipal loans till September 30, 2020, given by the State Bank of Pakistan (SBP), and reduced mark-up rate for the Temporary Economic Refinance Facility provided a positive trigger to the market and strengthened investors’ sentiment. Market participants antici-pated a reduction in the key interest rate in the Monetary Policy Committee (MPC) meet-ing scheduled to be held in the
current month. Though gold prices reached an all-time high of Rs1o8,300 per tola, the investors’ inter-est in the bourse remained unaffected. At close, the benchmark KSE-loo index recorded an increase of 321.54 points, or 0.91%, to settle at 35,694.89 points. Arif Habib Limited, in its report, stated that the mar-ket gained another 33o points during the session and dosed near the day’s high with a rise of 321 points. Investor activity was noted almost across the board with cement and banking sectors contributing the most to the market’s uptrend, it said. Steel, pharma and textile sec-tors also contributed to the rise. The State Bank reduced the mark-up rate for the temporary refinance facil-ity, which built confidence of the business community. Furthermore, the central bank scheduled a Monetary Policy Committee (MPC) meeting in the ongoing month, the re-port added.
IN THE BLACK
the number of stocks whose prices went up
The technology sector re-corded trading volumes of 67.7 million shares, followed by ce-ment firms (44 8 million) and banks (31.8 million). Stocks that contributed posi-tively to the index included HBL (+75 points), UBL (+35 points), Pakistan Petroleum (+25 points), TRG Pakistan (+24 points) and Millat Tractors (+20 points). Stocks that contributed negatively included Lucky Cement (-15 points), Hubco (-to points), Engro (-6 points), OCDC (-5 points), and Nestle (-5 Points). JS Global analyst Maaz Mulla said the market touched intra-
IN THE RED
the number of stocks whose prices went down
day high of +330 points during the session. TRC Pakistan (+7.1%), Pak Elektron (+2.7%) and Maple Leaf Cement (+0.9%) led the volumes’ chart with more than 76 million shares traded whereas total vol-umes edged lower to 318 mil-lion, he said. Banking and cement sec-tors continued their upward march where HBL (+4.7%), UBL (+3%), The Bank of Punjab (+3.1%), NBP (+1.8%), Cherat Cement (+2.9%), DC Khan Cement (+2.4%), Maple Leaf Cement (+0.9%) and Fauji Cement (+0.7%) were the major movers.
KSE INTRADAY MOVEMENT
Furthermore, investors’ interest was witnessed in the technology sector where Avanceon Limited (+7.5%) and Netsol (+7.5%) dosed at their respective upper circuits.
the analyst added. Overall, trading volumes de-clined to 317.7 million shares compared with Tuesday’s tally of 333.9 million. The value of shares traded during the day was Rs13 billion. Shares of 378 companies were traded. At the end of the
day, 236 stocks dosed higher, 120 declined and 22 remained unchanged. TRG Pakistan was the vol-ume leader with 38.3 million shares, gaining Rs2.36 to close at Rs35. 65. It was followed by Pa Elektron with 20.6 mil-lion shares, gaining Rso.72 to close at Rs26.96 and Maple Leaf Cement with 17.5 million shares, gaining Rso.24 to dose at RS28.4. Foreign institutional inves-tors were net sellers of R5513.4 million worth of shares dur-ing the trading session, ac-cording to data compiled by the National Clearing Company of Pakistan.