PSX starts week on positive note

KSE-100 ends with 385-point gain amid low turnover

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KARACHI

The Pakistan Stock Exchange (PSX) started the trading week on a positive note with the indices maintaining their positions in the green zone right through the session. However, the volumes remained low in the aftermath of the Securities and Exchange Commission of Pakistan (SECP) rolling out the much-awaited multifaceted reforms package, designed to rejuvenate the capital market and the corporate sector. While these reforms are aimed at bringing stability to the market, attract liquidity and restore investor confidence, experts believe the euphoria could be short-lived.

More coordinated efforts are needed to restore investor confidence; curtailment of high fiscal deficit, lower interest rate and building up reserves to name a few, experts said. Foreign investors ended the previous week as net buyers with a net inflow of $0.970 million. The total losses incurred by the KSE-100 Index during the first eight months of this year (August-end) have now swelled to 7,394.55 points.

After a delayed start to Monday’s proceedings due to some technical glitches, the benchmark KSE-100 Index gathered 506.45 points to record an intraday high of 30,178.57. The index settled higher by 385.17 points at 30,057.29. The KMI-30 Index accumulated 510.66 points to close at 46,736.96, while the KSE All Share Index ended higher by 224.35 points at 22,231.47.

The overall market volumes remained thin and were recorded at 77.44 million. Worldcall Telecom (WTL +9.33pc), Maple Leaf Cement Factory Limited (MLCF +2.39pc) and Oil and Gas Development Company Limited (OGDC +1.34pc) remained the top traded scripts of the day. The stocks had exchanged 12.19 million shares, 6.26 million shares and 4.14 million shares respectively.

The sectors that added to the positivity of the KSE All Share Index include oil and gas exploration sector (+54.21 points), banking sector (+47.31 points), and power generation and distribution sector (+27.28). Among the companies, Pak Petroleum Limited (PPL 31.70 points), Oil and Gas Development Company Limited (OGDC +21.81 points) and K-Electric Limited (KEL +20 points) contributed maximum points to the index.

On the market front, Aisha Steel Mills Limited (ASC -2.50pc) declared an earnings per share (EPS) of Rs0.26 per share for FY19, Worldcall Telecom (WTL 9.33pc) posted an EPS of Rs0.04 for the second quarter of FY19, while Crescent Steel & Allied Products Limited (CSAP +1.56pc) registered an EPS of Rs1.85 for FY19. Dynea Pakistan Limited (DYNO -4.99pc) announced a final cash dividend of Rs2.50 along with an EPS of Rs12.02 for FY19.

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