PSX sees modest gains in volatile session

KARACHI: The indices at Pakistan Stock Market (PSX) witnessed ups and lows during the day on Tuesday as market forces sought to regain control of the stock exchange.
The benchmark KSE 100 index gained 308.69 points to reach its intra-day high of 36,936.03 points. It eventually slipped to its lowest level at 36,534.70 points. The indices settled with a modest gain of 126.65 points at 37,745.22 points. The total volume of shares increased to 323.235 million valued Rs14.646 billion.
The lower bench KSE 30 index nudged by 26.77 points and closed at 15,927.82. The indices slipped in early trading before it recovered during the day. The total volume of scripts were 172.414 million. The early KMI 30 index gained 279.36 points closing at 59,206.04, while the All-Share Index increased by 68.09 points and closed at 26,157.20 points.
The market leader was K-Electric Ltd (KEL 7.62%) which traded 39.266 million shares. This was followed by Pak Elektron (PAEL 4.71%), Maple Leaf Cement Factory Ltd (MLCF -0.75%), and Pakistan Petroleum Ltd (PPL 1.10%). The firms traded 33.542 million, 25.272 million, and 23.338 million shares respectively.
The sector contributing the most to the KSE 100 index was the oil and gas exploration sector which added 64.30 points. The total volume of share at the stock market were 465.60 million shares. The highest share in market capitilisation (5 %) was seen in glass and ceramics sector.
On the economic front, the federal government’s debt had inflated by 15.9% from Rs 34,489 billion in May due to currency depreciation, shortfall in tax collection, and unforeseen expenditures on coronavirus-related mitigation measures.
Remittances sent home by overseas Pakistanis increased 31.66% in June 2020 as compared to May 2020. When compared to previous year, remittances inflated by 51%.
Overseas Pakistani’s remitted $23,120.97 million during the fiscal year ending June 2020. Remittances stood at $21,739.41 million in the corresponding period of last year.
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