PSX retains momentum in range-bound trading

KARACHI: The Pakistan Stock Exchange failed to make any significant gains as stock market remained flat due to the lack of economic triggers.

The stock market continued their positive momentum from previous session as trading remained rangebound and indices closed the day in the green.

On a positive note, Pakistan has successfully retained its status in the global MSCI Emerging Market Index and averted the chances of being downgraded to Frontier Index in its semi-annual review.

MSCI retained all three Pakistani stocks – MCB, Oil and Gas Development Company (OGDC) and Habib Bank Limited (HBL) in its Global Standard Indexes (GSI), according to the review results.

Pak Petroleum Limited (PPL +2.03%) and Mari Petroleum Company Limited (MARI +2.43%) replaced Nishat Mills Limited (NML -2.63%) and Sui Northern Gas Pipelines Limited (SNGP -6.90%) in MSCI EM Small Cap Index.

The benchmark KSE 100 increased by 90.02 points (0.27 percent) and closed at 33,693.04 points. The bourse shot up by 125.02 points as trading resumed but then could not maintain the upward trajectory.

The total volume of share was 143.219 million valued at Rs6.785 billion. Commercial banks were the biggest contributor (68.50 points) followed by the Oil and Gas Exploration sector (39.04 points).

Maple Leaf Cement Factory Limited (MLCF -0.99%), Dewan Cement Limited (DCL +8.86%) and TRG Pakistan Limited (TRG +7.47%) led the volume chart.

The KSE 30 index saw a gain of just 3.80 (0.03%) and closed at 14,796.73 points. The total volume of scripts was 98.884 million. The KMI 30 index depreciated by 67.21 points and ended at 54,593.07, while the KSE All Share index settled with a gain of 52.81 points at 23,884.77.

Refinery sector turned out as top gainer with an addition of 1.87% in its cumulative market capitalisation. Attock Refinery Limited (ATRL 5.53%), National Refinery Limited (NRL 4.50%) and Pakistan Refinery Limited (PRL 2.17%) all ended in green.