Stocks extend gains on buying in third-tier shares

Published April 15, 2022
A stockbroker speaks on the phone during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on April 4, 2022. — AFP
A stockbroker speaks on the phone during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on April 4, 2022. — AFP

KARACHI: The Pakistan Stock Exchange observed a positive session on Thur­sday, thanks to the newfound stability in the value of the rupee against the dollar.

The rupee appreciated 0.07 per cent to 181.69 in the interbank market. In addition, monthly remittances rose to their highest level of $2.8bn in March.

According to Arif Habib Ltd, a rally took place in shares belonging to the refinery sector on the back of analysts’ expectations about improved earnings in the upcoming financial results season.

The main board activity remained dull whereas hefty buying was witnessed in third-tier stocks, said the brokerage. Investors resorted to across-the-board buying in the last trading hour, causing the market to close in the green zone.

As a result, the KSE-100 index settled at 46,484.43 points, up 318.93 points or 0.69 per cent from a day ago.

The trading volume increased 4.3pc to 494.9 million shares while the traded value went down 5.4pc to $64.3m on a day-on-day basis.

Stocks contributing significantly to the traded volume included Cnergyico PK Ltd (99.12m shares), WorldCall Telecom Ltd (36.94m shares), Flying Cement Ltd (33.86m shares), TeleCard Ltd (32.97m shares) and Maple Leaf Cement Factory Ltd (22.78m shares).

Sectors that contributed the highest number of points to the benchmark index included fertiliser (76.25 points), refinery (60.38 points), cement (58.79 points), chemical (37.9 points) and investment banking (18.04 points).

Shares contributing most positively to the index included Engro Corporation Ltd (63.38 points), Engro Polymer and Chemicals Ltd (45.4 points), Cnergyico PK Ltd (37.11 points), Maple Leaf Cement Factory Ltd (24.04 points) and Dawood Hercules Corporation Ltd (13.64 points). Stocks that contributed most negatively to the index included Colgate-Palmolive Pakistan Ltd (17.57 points), Meezan Bank Ltd (14.36 points), Bank Alfalah Ltd (11.67 points), Pakistan Petroleum Ltd (8.07 points) and Oil and Gas Development Company Ltd (7.17 points).

Shares that increased the most in percentage terms were Cnergyico PK Ltd (16.18pc), National Refinery Ltd (7.5pc), Attock Refinery Ltd (7.49pc), Engro Polymer and Chemicals Ltd (7.49pc) and Yousaf Weaving Mills Ltd (5.58pc).

Published in Dawn, April 15th, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Anything goes
Updated 13 Jan, 2025

Anything goes

With social media companies abandoning moderation efforts, dark days of freewheeling internet have seemingly returned.
Odious trade
13 Jan, 2025

Odious trade

WHEN home feels like a sinking ship, people are forced to make ill-fated journeys for a better life. Last month,...
Treasure of the Indus
13 Jan, 2025

Treasure of the Indus

THE Indus dolphin, or bulhan as it is known locally, is a remarkable species found only in the Indus River. Unlike...
Increased inflows
Updated 12 Jan, 2025

Increased inflows

Govt must devise a strategy to increase industrial and agricultural productivity to boost exports and reduce reliance on uncertain remittances.
Gwadar’s potential
12 Jan, 2025

Gwadar’s potential

THE Gwadar deep-sea port, completed in 2007, was supposed to be a shining success for the other newly built ports in...
Broken metropolis
12 Jan, 2025

Broken metropolis

KARACHI, Pakistan’s economic juggernaut, is the largest contributor to the nation’s tax revenue. The Federal...