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IT scrips lift KSE-100 index by nearly 80 points

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2 years ago

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  • Benchmark index closes at 42,085.72 points.
  • KSE-100 oscillated in both directions.
  • Volumes depreciated from the last close.

KARACHI: The Pakistan Stock Exchange (PSX) witnessed volatile trading on Thursday with the benchmark KSE-100 index recording gains of nearly 80 points in line with global equity markets, which showed mixed trends.

Upbeat investor sentiment stemmed from the technology sector, where Systems Limited closed 4.96% higher. As a result, stocks in the IT sector attracted investor interest.

Benchmark KSE-100 oscillated in both directions whereas volumes depreciated from the last close.

The auto sector remained under pressure due to dismal car sales data for the month of September — which showed a decline of 7% month-on-month.

On the results front, Engro Powergen Qadirpur Limited (EPQL) announced its third-quarter earnings per share and dividend per share of Rs3 each where the stock closed at the upper cap.

The benchmark KSE-100 index closed at 42,085.72 points with an increase of 78.58 points or 0.19%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited noted that another range-bound session was witnessed at the PSX today.

“Despite opening in the green zone the benchmark KSE-100 index recorded a lacklustre session as investor participation remained low, which caused the volumes to decline sharply,” the brokerage house stated.

The market fluctuated in both directions but ended up in the green as the IT sector remained in the limelight.

Sectors contributing to the performance included technology (77.1 points), exploration and production (15.5 points), refinery (8.1 points), chemical (8 points), and fertiliser (6.6 points).

Shares of 341 companies were traded during the session. At the close of trading, 158 scrips closed in the green, 161 in the red, and 22 remained unchanged.

Overall trading volumes rose to 222.22 million shares compared with Wednesday’s tally of 238.65 million. The value of shares traded during the day was Rs9.66 billion.

Worldcall Telecom was the volume leader with 50.64 million shares traded, gaining Rs0.01 to close at Rs1.52. It was followed by TRG Pakistan with 23.19 million shares traded, losing Rs1.11 to close at Rs128.47 and Pakistan Refinery with 9.60 million shares gaining Rs0.16 to close at Rs17.98.

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Pakistan Desires a Sturdy, Long-Term Alliance With Huawei: PM

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7 hours ago

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According to Prime Minister Muhammad Shehbaz Sharif, the government’s primary objective is to give Pakistani youth technical training in the field of information technology.

The prime minister expressed his desire for a strong and long-term collaboration with Huawei in an interview with a five-member delegation that visited him in Islamabad and was led by Huawei CEO Ethan Sun.

He said the Huawei’s ICT training program will not only increase it exports but will also help youth in getting job opportunities.

The meeting was briefed on the progress made in providing training in the it sector to 300,000 pakistani youth organized by Huawei.

Out of 300,000 youth, 240,000 youth will be provided basic training while 60,000 youth will be provided high-tech training.

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The IMF allows Pakistan to lower electricity tariffs.\

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7 hours ago

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The International Monetary Fund (IMF) has permitted the Pakistani government to decrease the energy cost by one rupee.

The alleviation will be incorporated into the base tariff for electrical units, with funding sourced from revenue collected by the levy on captive power plants. A tax has been enacted on the utilization of gas by captive power plants.

The government is developing a relief plan for electricity consumers, which will be announced upon clearance from the international lender.

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Robust purchasing sustains PSX’s positive trend

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On Thursday, bullish momentum continued in the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 index reaching 118,806 after an increase of over 300 points.

Across the board buying was observed in key sectors, including commercial banks, fertiliser, power generation, and oil and gas exploration companies.

Aside from that, index-heavy equities such as MARI, POL, HBL, MCB, UBL, KOHC, and LUCK experienced gains, capitalizing on the prevailing bullish atmosphere in the market.

Market analysts attribute the recent bullish trend in the PSX to a staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities following the initial review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

Furthermore, a recent study done by the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) regarding the feasibility of the Reko Diq project in Balochistan has also conveyed favorable indications to investors.

The bulls surged rapidly after the staff-level deal with the global lender, with the KSE-100 Index reaching a peak of 118,220 before closing at 117,178 points, reflecting an advance of 1,139 points on Wednesday.

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