PSX ends range-bounded session on positive note

KARACHI: Pakistan Stock Exchange (PSX) on Thursday saw an upward trajectory and closed on a positive note after range-bound session.

The benchmark KSE 100 index recorded its intraday high of 33,996.92 after gathering 303.88 points. It saw a rise of 111.86 (0.33%) points and closed 33,804.90 points.

The bourse had a decent start and gained 204.18 points as trading resumed and closed the day on a positive note. The total volume of scripts was 128.01 million valued at Rs4.606 billion.

The lower bench KSE 30 index notched by 21.85 points (0.15%) and closed at 14.818.58 points. The total volume of shares was 67.076 million. The KMI 30 index added 171.77 points and settled at 54,764.84, while the KSE All Share index ended at 24,019.98 after a gain of 135.21 points.

Out of total shares traded, 174 companies advanced and 127 declined. TRG Pakistan Limited (TRG 6.86%) topped the volume chart with a volume of 20.95 million shares. They were followed by UNITY (2.82%), AGL (18.48%), and FFL (18.48%).

Fertilizer sector was the biggest driver at the stock market adding 79.59 points, followed by investment banking sector (31.26 points) and food and personal care products sector (+26.66 points).

Fauji Fertilizer Company Limited (FFC +48.08 points), Nestle Pakistan Limited (NESTLE +26.16 points) and Dawood Hercules (DAWH +26.14 points) were top points individual contributors.

The fertilizer sector added 1.94 percent to its cumulative market capitalization following the approval of an agriculture package to provide relief to farmers affected by the coronavirus pandemic.

Economic Coordination Committee (ECC) approved the package giving farmers subsidies on fertilizers, reduction in bank mark-up on agriculture loans, subsidy on cotton seed and pesticides and sales tax subsidy on locally manufactured tractors.

Fatima Fertilizer (5.34%), Fauji Fertilizer Bin Qasim Limited (FFBL 7.47%), Engro Fertilizer (EFERT 1.19%) and Arif Habib (AHCL +1.33%) ended on a positive note.

On the downward side, Moody’s has placed Pakistan’s B3 rating under review for downgrading. Pakistan retained its status as an emerging market on MSCI index. Investors are expecting a cut in policy rate as the new monetary policy is announced tomorrow.