- Optimism at PSX comes on the back of encouraging financial results.
- Cement, fertiliser, steel and technology sector stocks contributed positively to the index.
- KSE-100 index closed in August with an increase of 0.8%.
KARACHI: The Pakistan Stock Exchange (PSX) closed higher on Tuesday, with the benchmark KSE-100 index rising 0.11%, or 54.04 points, to close at 47,419.75 points.
The market continued to rise amid encouraging financial results. During the day, investors remained cautious ahead of the inflation announcement, made on the first of every month. According to market expectations, the inflation rate for August is expected to stay over 9%.
Other investor concerns heading into September include political uncertainty with Pakistan Democratic Movement (PDM) planning to organise rallies across Pakistan, COVID-related matters and economic data.
On the financial front, Pak Suzuki Motor Company announced a profit after tax of Rs1.2 billion for the half-year ended June 30, 2021. Meanwhile, Kohat Cement announced its 4QFY21 financial result, posting a profit after tax of Rs966 million.
Moreover, Pakistan’s reportedly largest-ever IPO, launched by Airlink Communications, received bids for 147.7 million shares against the initial target of 90 million shares offered in a two-day book building. The strike price clocked in at Rs71.5.
The benchmark KSE-100 index recorded an increase of 54.04 points or 0.11% on the last trading day of August, to close at 47,419.75 points.
Cumulatively in August, the benchmark KSE-100 closed with a positive trajectory after a gap of two months — the local bourse closed the month with an increase of 0.8% or 364 points.
The month-on-month increase came on the back of strong growth in profitability and higher dividend payout, a decline in international commodity prices and an inflow of $2.75 billion from the International Monetary Fund (IMF).
However, concerns regarding geopolitical issues, soaring current account deficit, depreciation in the rupee against the US dollar and rising number of COVID-19 cases restricted the market from posting significant gains during the month.
A report of Topline Securities stated that a range-bound session was observed at the stock market today with the benchmark KSE-100 index oscillating between an intra-day high and low of 47,596 points and 47,349 points. It eventually closed the session in the green, however, on a flattish note.
Trading volume clocked in at 378.8 million shares compared to 382.6 million shares traded on Monday [August 30].
During the session, shares of 524 listed companies were traded. At the end of the session, 248 stocks closed in the green, 244 in the red and 32 remained unchanged.
Telecard Limited was the volume leader with 41.6 million shares, gaining Rs0.66 to close at Rs19.46. It was followed by Ghani Global Holdings with 32.7 million shares, gaining Rs2.93 to close at Rs42.98 and Byco Petroleum with 21.7 million shares, losing Rs0.10 to close at Rs9.93.