PSX witnessed bullish trend on Thursday

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KARACHI
The KSE-100 index extended gains on Thursday and rose 76 points with trading in over 300 million shares in a volatile session.
At close, the benchmark KSE 100-share Index recorded an increase of 76.24 points, or 0.21%, to settle at 37,243.20.
Honda Atlas Cars (HCAR) announced its financial results, which came in above market expectations. The automaker posted earnings per share of Rs3.57 for the second quarter of its financial year, as a result of which the stock hit its upper circuit.
Investor participation in terms of volumes improved and the turnover reached 336 million shares, up 22.1%, while traded value went down 6% at Rs10.2 billion.
The right shares offer of Maple Leaf Cement remained on the investors’ radar as it recorded the highest volume of 39 million shares, followed by The Bank of Punjab and Pak Elektron, which cumulatively added 34 million shares to the total volume, the report added. JS Global analyst Maaz Mulla said the benchmark index gained support from positive investor sentiment and touched an intra-day high of +340 points. It closed at 37,243, 76 points above Wednesday’s close.
Volumes improved as 336 million shares were traded as compared to 275 million shares in the previous trading session.
The Bank of Punjab (+0.1%) from the banking sector was among the market leaders in terms of traded volume with 18 million shares changing hands. Cement, steel and banking sectors led the gains where Pioneer Cement (+4.4%), Cherat Cement (+4.9%), DG Khan Cement (+3.7%), International Steels (+5%), Amreli Steels (+4.3%), Mughal Iron and Steel (+4.5%), Meezan Bank (+4.6%), Bank Alfalah (+0.2%) and The Bank of Punjab (+0.1%) were major movers of the index.
Overall, trading volumes increased to 336.4 million shares compared with Wednesday’s tally of 275.4 million.
The value of shares traded during the day was Rs10.2 billion.
Shares of 395 companies were traded. At the end of the day, 228 stocks closed higher, 150 declined and 17 remained unchanged.
Maple Leaf Cement (R) was the volume leader with 38.6 million shares, gaining Rs0.15 to close at Rs7.26. It was followed by The Bank of Punjab with 17.7 million shares, gaining Rs0.01 to close at Rs10.38 and Pak Elektron with 16.3 million shares, gaining Rs0.62 to close at Rs21.36.

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