Business News

Pakistan Stock Exchange

Stock market gains 85 points in range bound trading

KARACHI: The stock market gained 85 points on Friday in a range bound trading activities during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,228 points from previous day’s closing of 46,143 points, showing a gain of 85 points.

Analysts at Toplines Securities said that the benchmark index witnessed a range-bound session making an intra-day high of 46,378 (up 0.51 percent) and a low of 46,137 (down 0.01 percent) to eventually close the day at 46,228 (up 0.18 percent).

The result season continued in full swing with MTL posting an above expected 2QFY21 EPS of 30.2 (up 218 percen tYoY/30 percent MoM) along with a cash dividend of PKR 50/share and a 12.5 percent bonus issue, after which the stock closed at 1298.14 (up 7.5 percent).

DGKC announced its 2QFY21 EPS of 2.6 (up 98 percent YoY) which was above industry expectation while FCCL posted its 2QFY21 EPS of 0.66 (up 371 percent YoY).

BOP posted its annual EPS of 2.6 (down 17 percent) and lower than industry consensus, however a higher than expected dividend of PKR 1.0/share boosted investor sentiment and the stock closed the day at 9.40 (up 4.91 percent).

Daily traded volume and value clocked in at 691.27 million shares (up 19.6 percent DoD) and PKR 24.78 billion (up 6.4 percent DoD) respectively. The volume leader for today was BYCO with 89.34 million shares traded.