Friday, March 24, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Stocks

PSX surges in cyclical stocks rally; earnings optimism

MtR by MtR
August 6, 2022
in Stocks
0
PSX surges in cyclical stocks rally; earnings optimism


Stocks rallied to end over one percent higher on Friday, powered by a recovery in cyclical sector’s shares as investors digested hot weekly inflation data and a mixed bag of quarterly results.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index gained 670.87 points or 1.62 percent to close at 42,096.24 points. The highest index of the day remained at 42,167.48 points while the lowest level of the day was recorded at 41,425.37 points.

KSE-30 index also increased by 222.68 points or 1.42 percent to close at 15,882.78 points.

Traded shares rose by 131 million shares to 406.680 million shares from 275.431 million shares. The trading value increased to Rs11.636 billion from Rs7.904 billion. Market capital expanded to Rs7.047 trillion from Rs6.960 trillion. Out of 345 companies active in the session, 264 closed in green, 58 in red while 23 remained unchanged.

Analyst Ali Najib at Topline Securities said equities witnessed positive momentum on the back of an easing off in global energy prices where international oil and coal prices saw some correction.

“The aforesaid decline assisted the market to continue yesterday’s buying sentiment by putting cyclical sector’s stock on the investors’ radar.”

Banks, cement and OMC sector stocks contributed positively to the index where UBL, HBL, LUCK, PSO and MLCF added 199 points, cumulatively. On the flip side, MARI, EFERT and POL witnessed some profit taking as they lost 21 points collectively.

Arif Habib Ltd in its post market report said bulls triumphed in the trading session at the PSX. “In the first trading session, benchmark index remained in the green zone as value buying was witnessed across the board,” it said. “In the second session, investors gained confidence due to positive news flows regarding the IMF program resumption as rupee further appreciated against the dollar.”

Additionally, the announcement of the positive results triggered investor participation. Refinery and cement sectors remained in the limelight.

The highest increase was recorded in shares of Allawasaya Tex, which rose by Rs271.95 to Rs3,898.45 per share, followed by Nestle Pakistan XD, which increased by Rs190.10 to Rs6,185 per share.

A significant decline was noted in shares of Bata (Pak), which fell by Rs154.89 to Rs1,945.11 per share, followed by Sanofi-Aventis, which decreased by Rs50 to Rs1,220 per share.

Analyst Ahsan Mehanti at Arif Habib Corp said bullish trend witnessed on the strong rupee and easing trade deficit on reduced imports.

“Strong financial results in the cement sector and reports of army chief’s discussion on IMF deal with UAE and Saudi Arabia and speculations over the release of IMF bailout funds this month played major role in the bullish activity,” he added.

Cnergyico PK remained the volume leader with 64.344 million shares that increased by 51 paisas to Rs5.51 per share. It was followed by Pak Refinery with 29.939 million shares that closed higher by Rs1.17 to Rs18.01 per share.

Other stocks that recorded significant turnover included WorldCall Telecom, TPL Properties, Pak Elektron, Waves Singer, Cordoba Logist, Flying Cement, Telecard Limited and Unity Foods Ltd.

Shares’ turnover in the future contracts increased to 110.913 million shares from 74.556 million shares.



Source link

Related articles

Stock Market News Today Live: Dow, S&P 500 Waver Ahead of Labor Costs, Earnings – The Wall Street Journal

Stock Market News Today Live: Dow, S&P 500 Waver Ahead of Labor Costs, Earnings – The Wall Street Journal

August 9, 2022
S&P 500, Nasdaq futures fall on Tuesday as chip stocks decline

S&P 500, Nasdaq futures fall on Tuesday as chip stocks decline

August 9, 2022

Related Posts

Stock Market News Today Live: Dow, S&P 500 Waver Ahead of Labor Costs, Earnings – The Wall Street Journal

Stock Market News Today Live: Dow, S&P 500 Waver Ahead of Labor Costs, Earnings – The Wall Street Journal

by MtR
August 9, 2022
0

Stock Market News Today Live: Dow, S&P 500 Waver Ahead of Labor Costs, Earnings  The Wall Street Journal Source link

S&P 500, Nasdaq futures fall on Tuesday as chip stocks decline

S&P 500, Nasdaq futures fall on Tuesday as chip stocks decline

by MtR
August 9, 2022
0

Traders on the floor of the NYSE, August 1, 2022.Source: NYSES&P 500 futures fell on Tuesday after another chipmaker warned...

Alibaba gets Hong Kong’s approval for a primary stock listing

Alibaba gets Hong Kong’s approval for a primary stock listing

by MtR
August 9, 2022
0

A filing Monday showed Chinese internet tech giant Alibaba is another step closer to letting mainland Chinese investors trade its...

Jim Cramer says these 7 Covid-era winning stocks have staying power

Jim Cramer says these 7 Covid-era winning stocks have staying power

by MtR
August 9, 2022
0

CNBC's Jim Cramer on Monday offered investors a list of stocks that saw huge gains during the height of the...

US stocks tick lower as traders assess outlook for rate rises

US stocks tick lower as traders assess outlook for rate rises

by MtR
August 8, 2022
0

Wall Street stocks ticked lower on Monday, adding to losses in the previous session when a hot US jobs report...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
Investment in overseas real estate surges : The DONG-A ILBO

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022
U.S. inflation CPI report, Wall Street, currencies

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022
Alberta oil production set new record in first half of 2022

Alberta oil production set new record in first half of 2022

August 10, 2022
Industrial Lubricants Market to Reach $71 Billion by 2027.

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022
U.S. inflation CPI report, Wall Street, currencies

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022
Alberta oil production set new record in first half of 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter