KARACHI: Trading began on a positive note on the Pakistan Stock Exchange (PSX) on Monday as investors welcomed the government’s decision to strike an agreement with Tehreek-i-Labbaik Pakistan (TLP) that ended a 10-day standoff.
According to Topline Securities, sentiments were further buoyed by the prime minister’s rejection of the proposal by the Oil and Gas Regulatory Authority and the Ministry of Finance to increase the prices of petroleum products. Slight profit-taking was witnessed near the close of the session after monthly inflation clocked in at 9.2 per cent year-on-year for October, which was higher than market expectations.
As a result, the KSE-100 index closed at 46,975 points, up 790 points or 1.7pc from a day ago.
On the corporate announcement front, Air Link Communication Ltd reported its net profit for the July-September quarter at Rs419.8 million, up 50.1 per cent from a year ago.
Market participation increased 59pc to 430m shares on a day-on-day basis.
Sectors contributing to the benchmark index included cement (162.96 points), fertiliser (86.12 points), technology and communication (84.16 points), oil and gas exploration (76.56 points) and commercial banking (70.56 points).
Stocks that contributed significantly to the traded volume included WorldCall Telecom Ltd (53.86m shares), Byco Petroleum Ltd (24.5m shares), Hum Network Ltd (23.2m shares), Maple Leaf Cement Factory Ltd (16.58m shares) and TeleCard Ltd (15.16m shares).
Stocks that contributed positively to the index included Lucky Cement Ltd (47.76 points), TRG Pakistan Ltd (46.87 points), Oil and Gas Development Company Ltd (42.87 points), Pakistan Petroleum Ltd (41.25 points) and Meezan Bank Ltd (36.03 points).
Shares that contributed negatively included United Bank Ltd (12.38 points), Feroze1888 Mills Ltd (10.30 points), Pakistan Tobacco Company Ltd (9.06 points), Mari Petroleum Company Ltd (4.98 points) and Pakistan Oilfields Ltd (2.56 points).
Stocks recording the highest gains in percentage terms included National Refinery Ltd, which went up 7.5pc, followed by Fauji Fertiliser Bin Qasim Ltd (7.47pc), Attock Refinery Ltd (7.16pc), Fauji Cement Company Ltd (7.08pc) and Mughal Iron and Steel Industries Ltd (6.81pc).
Published in Dawn, November 2nd, 2021
