Bulls had their day today at Pakistan Stock Exchange (PSX) as KSE 100 Index ended in green by 388.90 points to close at the level of 32,752.25. The benchmark’s volume stood at 210.217 million shares as compared to 123.572 million shares in previous session.

Total market volume stood at 324.26 million shares as compared to 181.357 million shares yesterday. KSE all index stood at 23,794.56 reporting the increase of 258.48 points while KSE 30 surged by 1.20% or 181.83 points to 15,349.71.

The numbers clearly depict a bullish market but the big question is if the market is backed by authentic fundamentals or moving on rumors. There were several news and statistics that contributed to the overall positive sentiments.

Despite foreign investors were the major sellers today having net sell figure of USD 1.21 million but the news of meeting of Pakistan’s major businessmen with Chief of Army Staff about economy boosted the hopes in the stock market.

Latest inflation data wasn’t that promising either as CPI surged by 0.9 percent to 11.40 percent in September, 2019 as per Pakistan Bureau of Statistics. However on the other side cement sector reported the growth of 11.50 percent. This is the first positive growth figure reported by cement sector in the current fiscal year. An increase of 11.58 percent was reported in domestic sales in cement sector while exports improved by 11.60 percent.

The better than expectations cement sector data also resulted in considerable gains in DGKC and MLCF today both of the scrip were capped on their upper circuit breakers. The bullish drive was major contributed by Banking, Cement, Fertilizer and Steel sectors.

Karachi Electric Limited (KEL) remained the most traded stock with total volume of 35.771 million shares and reported the change of 9.07 percent for the day. Other most traded stocks included Unity Foods Limited (UNITY) with change of 7.58 percent and traded volume of 22.745 shares, Dost Steel Limited (DSL) was also capped today reporting the surge of 28.49 percent with traded volume of 11.87 million shares. Maple Leaf Cement Factory Limited (MLCF) gained 6.07 percent with volume of 11.218 million shares.

Umer Akhtar

Umer Akhtar

Umer Akhtar has an diverse experience in commercial & corporate banking. He has been associated with several websites covering NYSE and NASDAQ. Mr. Umer Akhtar holds a command over fundamental & technical analysis of stocks and capital markets.

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