KARACHI: The Pakistan Stock Exchange continued its upward rally and added 204 points to take the tally to 43443.58 level till midday on Thursday.
The stocks started day on positive note after adding 312 points to reach 43551 level in early trading.
The stocks closed Wednesday’s session on a bullish note, with the benchmark KSE 100-index adding 244.48 points to close at 43,239.44 points. Major heavyweights namely OGDC (up 0.56%), PPL (2.44%), ENGRO (1.75%), LUCK (1.97%) and HUBC (1.48%) cumulatively contributed 143 points to the index gain.
Banks came under pressure as HBL (down 0.64%), ABL (1.06%) and UBL (1.07%) led the decline following the Supreme Court ruling, directing the aforementioned banks to immediately raise the minimum pension to Rs8,000 per month.
The payments will be prospective, that is, from the date of the judgment. Moreover, FABL (up 3.25%) closed in the green as the bank has announced full year 2017 EPS at Rs3.42, up 5% YoY. The bank also announced 15% bonus for 2017, with no cash payout. On the positive side, OMCs drove the index where PSO (+2.73%) SHEL (1.87%) closed in the green, as prices of high-speed diesel (HSD) and petrol were likely to increase by almost Rs7 and Rs4 per litre due to increased rates in the international market.
Surging fiscal deficit data for Jul-Feb at 3.2pc GDP, concerns for outcome of IMF $3b repayment by Jun’17 and uncertainty over pre-poll privatisation of SOEs invited mid-session pressure.
Traded volumes slightly improved 151m shares from 145m in the previous session, while value traded increased to $65m (from $62m). Volume leaders were BYCO (up 4.38%), AGL (down 2.17%), ANL (up 5.66%), DSL (down 1.89%) and EPCL (up 2.22%).
