Pakistan stocks end fiscal year with a gain of 218 points

Javed MirzaWeb Editor

30th Jun, 2021. 08:14 pm

KARACHI: The Pakistan Stock Exchange ended the fiscal year FY21 in the green territory with a gain of 218 points on the last trading session on Wednesday.

Ahsan Mehanti at Arif Habib Corp said the stocks closed bullish at the year-end, as investors’ weighed higher global crude oil prices, National Assembly passing the Finance Bill FY22 and the World Bank’s approval of $800 million for power sector reforms.

“[The] rupee stability, bullish global equities, over $1.5 billion record receipts in [the] Roshan Digital Accounts and likely revision of [the] local petroleum products prices played a catalytic role in the positive close.”

The Pakistan Stock Exchange KSE-100 shares index gained 0.46 per cent, or 218.25 points, to close at 47,356.02 points. The KSE-30 shares index gained 0.27 per cent, or 51.79 points, to close at 18,961.90 points.

As many as 422 scrips were active, of which 257 advanced, 138 declined and 27 remained unchanged. The ready market volumes stood at 549.6 million shares, compared with the turnover of 580.76 million shares in the last trading session.

Maaz Mulla at JS Global Capital said that the optimistic investors kept the index in the green zone on Wednesday and the bourse closed with a gain of 218 points.

“On the news front, the World Bank has approved two loans worth $800 million for clean energy and investments in human capital. Refineries faced an upward trend where Byco Petroleum surged 1.7 per cent, Pakistan Refinery Limited gained 1.2 per cent, Attock Refinery Limited went up 2.5 per cent, and the National Refinery Limited closed 1.5 per cent higher.”

The major activity was witnessed in the cement sector on the back of rumours that the manufactures are likely to increase cement prices. Therefore, Maple Leaf Cement was up 2.2 per cent, D G Khan Cement gained 0.6 percent, Pioneer Cement gained 1.1 per cent and Dewan Cement went up 2.1 per cent.

Going forward, analysts expect the market to maintain the positive trend and recommend investors to avail of any downside in the construction and the export-oriented sector.

The companies, which reflected the highest gains included Sapphire Fiber, up Rs54.99 to close at Rs790/share; and Hinopak Motor, up Rs42.7 to close at Rs612.15/share.

The companies that reflected the most losses included Unilever Foods, down Rs126.25 to close at Rs16,373.75/share; and Gatron Industries, down Rs25.9 to end at Rs475.2/share.

The highest volumes were witnessed in SilkBank with a turnover of 44.2 million shares. The scrip shed 5 paisas to close at Rs2.01/share; followed by WorldCall Telecom with a turnover of 43.24 million shares. It also shed 5 paisas to close at Rs3.96/share. TPL Corp was the third with a turnover of 31.84 million shares. It gained Rs1.3 to finish at Rs19.55.

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