PSX Index extends gains, up 192 points

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Pakistan Stock Exchange (PSX) ended the session on a positive note on Thursday with the benchmark KSE-100 index gaining 192 points, up 0.5 percent day-on-day (DoD).

An equity analyst Trust Securities said the market opened up the fourth day on the positive note and kept on the upward trajectory until the closing bell. Macros were mix as UK’s Department for International Development (DFID) Chief Economist called on Finance Minister, appreciated the measures taken by the government to stabilize the macroeconomic imbalances and informed the finance minister about the support being provided by DFID towards economic and social development of Pakistan. Investors tracked down developments as the federal government issued a notification announcing a 20 per cent increase in the pension rate for Employees Old-Age Benefits Institution (EOBI) pensioners.

The index opened higher and continued on an upward trajectory, making a high of +254 points, to finally close at 40,800 levels. Market volumes improved as total volume for the

All-Share index touched 240 million shares, 92 percent up from the last trading day.

Pakistan International Bulk Terminal Limited (PIBTL) gaining 7.7 percent, Wateen Telecom Limited (WTL) gaining 10.4 percent and Pak Elelktron Limited (PAEL) gaining 2.6 percent remained volume leaders with 59 million shares traded in the market.

On the news front, State Bank of Pakistan (SBP) announced a 25 basis point increase in the policy rate, bringing it to 10.25 percent effective from February 1.

Lucky Cement from the cement sector declared its first half 2018 result, where the company posted an EPS of Rs.17.92/ per share with no cash payout. Moreover Fauji Fertiliser Company (FFC) from the fertilizer sector declared its 2018 result posting an EPS of Rs 12.92/per share and a cash payout of Rs 3.90 taking the final dividend to 8.85/per share.

Engro polymer Chemical Limited (EPCL) from the chemical sector announced result of 2018, where the company posted an EPS of 6.21/per share and cash dividend of Rs 0.30/ per share.

Published in Today’s Muslim, February 1st 2019.