PSX ends year on positive note

KARACHI – Pakistan Stock Exchange (PSX) ended last trading session of the year on a positive note, with the benchmark KSE-100 index gaining 100 points and closing at 40,472 points. The KSE 100-index ended the year above 40k on a day which saw portfolio rebalancing and hasty exits mostly devoid of news driven rally.

Last day saw active rollovers for January. Sector-wise, cement and bank sectors were generally seen on the negative side, whereas oil & gas E&Ps were driven by high crude oil prices and news of discovery in OGDC, although OGDC closed in red, said a report of AHL brokerage.

Activity was observed in oil & gas E&Ps, commercial banks, fertilizer and oil & gas marketing companies.

Fertilizers sector witnessed decent participation, where EFERT (up 1.27%) and FFC (up 2.32%) were the major gainers of the mentioned sector. Refinery sector lost value in trading session on media reports of the government restricting furnace oil imports, where ATRL (down 3.0%) and NRL (4.42%) declined to close in red. Material information was released by MLCF regarding putting construction of its new line of 7,300 tons/day on hold following order of the Environmental Protection Agency, stated dealer at JS Global.

Scrips that contributed positively included PPL that added 53 points, PAKT 26 points, FFC 26 points, UBL 25 points and MCB that contributed 19 points to the index gain. Stocks that contributed negatively included HBL that shed 40 points, PSO 22 points, TRG 15 points, FCCL 13 points and PAEL that took away 13 points from the index.

Volumes were recorded at 241m shares as against 239.5m shares Thursday (up 0.6% DoD). Similarly, average traded value also showed slight improvement to reach $84.4m as compared to $81.5m (up 3.5% DoD).

Stocks that contributed significantly to the volumes included PTC, DCL, KEL, DSFL and WTL, contributing a total of 70.5m shares, reflecting 29% share of total volumes.

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