The Pakistan Stock Exchange (PSX) commenced the trading week on a positive note, with the benchmark KSE-100 Index advancing 235 points, or 0.52 per cent, to touch 45,529 on Monday.
The market tested the day’s low at 45,271 points during the mid of the session but rebounded immediately. The benchmark touched the day’s high at 45,567 points near the end of the session.
The communication sector led activity at the bourse, with 26.8 million shares traded; it was followed by the textile and the banking sectors with 10.3m and 9.4m shares, respectively.
A JS Global report termed the session ‘lacklustre’ as overall volumes stood at 106 million shares.
OGDC (+0.33pc) and PSO (+1.24pc) gained as their bonds matured and announcements of investment prospects were made, said that report, adding that E&P sector stocks closed in the green zone as oil prices increased globally after the OPEC committee meeting.
Investor sentiments have been driven by developments on the political front, where investors are now speculating on expectations regarding the reserved SC decision, it added.
The report further said that the result season is expected to boost volumes in key sectors such as power, cement, and auto.
“The government’s resolve to accept the verdict of the Supreme Court on reserved judgment in the Panama Papers case, status quo decision in the SBP policy rate statement, upbeat FDI data and upbeat data on value added textile exports for the fiscal year 2017 played a catalyst role in the bullish close,” said senior analyst Ahsan Mehanti.
Only 53m shares of KSE-100 companies changed hands during the session, with a total worth of nearly Rs4.1 billion.
Stocks of 355 companies in all were traded on the exchange, of which 219 gained in value, whereas 116 declined and 20 remained unchanged.
Volumes were led by:
TRG Pak Ltd: 22.7m shares traded [+3.31pc];
Azgard Nine: 7.3m shares traded [+8.35pc];
B.O.Punjab: 5.9m shares traded [+3.13pc];
Engro Polymer: 5.4m shares traded [+2.10pc];
Dewan Motors: 5.0m shares traded [+4.99pc].