PSX registers mild gains despite selling pressure

by index360

Karachi: September 17: Pakistan Stock Exchange (PSX) has experienced another session of volatile activity as selling pressure battered most of the gains accumulated by the indexes in early trade.

Keeping up with this week’s trend, the benchmark KSE-100 Index moved in a ridge, hitting its intraday high at 42,632.41 and intraday low at 42,276.59. It settled higher by 52.48 points at 42,334.76.

Among other indexes, the KMI-30 Index surged 236.10 points to end at 67,899.03, while the KSE All Share Index added 23.06 points, culminating at 30,065.22.

The overall market volumes soared from 489.60 million shares in the last session to 508.69 million shares. Average traded value also surged by 3 percent, from $87.9 million to $90.8 million. Pakistan Telecommunication Company Limited (PTC +8.83pc), Unity Foods Limited (UNITY +3.19pc) and (HASCOL -1.38pc) led the volume chart, exchanging 78.66 million, 45.25 million and 35.00 million shares, respectively.

Sectors that kept the benchmark flowing included chemical (+22.98 points), technology and communication (+16.55 points) and oil and gas exploration sector (+14.15 points). Among the companies, Engro Polymer and Chemicals Ltd (EPCL 19.35 points), Pakistan Oilfields Ltd (POL 14.23 points) and Pakistan Telecommunication Company Ltd (12.72 pts) remained the main contributors.

Adding 22.87pc to its cumulative market capitalisation, the technology & communication sector emerged as the session’s top gainer, with NetSol Technologies Ltd (NETSOL 8.83pc), Worldcall Telecom (WTL 2.38pc) and TPL Trakker Ltd (TPLT 1.69pc) posting decent gains.

Meanwhile, DG Khan Cement Company registered a loss for the first time since 2008. The company’s sales dropped by six percent YoY in FY20, while the cost of sales amplified by 3.67 percent, pushing the gross profit down by 70 percent YoY.

Global equity markets demonstrated a negative trend, whereas crude oil prices headed south from the previous close; WTI oil price falling 0.02pc to $40.15 while Brent crude price declining 0.02pc to $42.21

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