KARACHI: On Monday, there was a bullish trend in Pakistan Stock Exchange (PSX) and the KSE-100 Index went up by 257.51 points following the IMF approval to delay implementation of taxation measures for a period of six months.
The Karachi Share Index (KSE-100) closed up by 257.51 points (0.59 per cent) after closing at 43,674.28 points against the previous closing of 43,416.77 points. The market went up 43,761.81 points during intra-day trading, while recorded as low as 42,416.77 points.
Trading volume decreased to 463.41 million shares today as compared to 570.58 million traded in the previous session, according to PSX website data. The daily traded value decreased to Rs 18.892 billion from Rs 25.513 billion in the previous session, the data said.
K-Electric was the most traded share in Pakistan Stock Exchange on Monday. It is worth mentioning as it has not happened often especially in the presence of high demand shares like TRG, UNITY, Maple Leaf Cement or Pakistan Refinery.
Around 4 pm, PSX announced that Securities and Exchange Commission of Pakistan (SECP) has “granted extension of 90 days till March 27,2021 for making Public Announcement of Offer.” Although, announcement came in the evening, K-Electric remained the most traded share in the market. About 47.2 million shares of K-Electric changed hands today whereas total trading volume of the PSX was 241.17 million shares. K-Electric share prices opened at PKR 3.81 per share and closed at PKR 4.10 per share.
According to AKD Securities, there was a bullish trend throughout the day in the market and positive carry from the previous trading session continued today.
The sentiments remained buoyed on the back of reported IMF approval to delay implementation of taxation measures for a period of six months, the analyst said. There was also a possible extension of construction amnesty scheme.
The index was primarily driven by selected Techs, Banks, OMCs, Utilities and Autos today. However, profit-taking at a higher level (primarily in cement) pared some intraday gains.
In term of volumes, the overall market traded 556 million shares (down 37%DoD) where KEL (China’s Shangai Electric Power (SEP) has reportedly expressed a commitment to complete the transaction of K-Electric within six months subject to resolution of issues) recorded the highest volumes for the day with 47 million shares traded followed by UNITY (32 million shares traded) and TRG (26 million shares traded).
LUCK contributed the most to the index decline (down 0.80%) while TRG provided the biggest boost (up 7.50%) to the benchmark.
Sapphire Fiber increased by Rs.63.99 to close at Rs.980 while Bata (Pak) gained Rs.30 to close at Rs.1,530. Meanwhile, Colgate Palmolive decreased by Rs.55 to close at Rs.2,900, and Indus Dyeing decreased by Rs.35 to close at Rs.500.01.