Closing bell: New Year brings a majestic bull market

January 2, 2020 (MLN): The KSE-100 index continued to experience a robust rally on the second trading day and went up to an even higher number with an increase of 1,080 points and closed at 42,480-level. 

The reasons that contributed to the performance of index were downward adjustment in NSS rates by a significant margin and unconditional support of the opposition in passing army act amendment bill for the extension of the army chief.

Further, the central bank’s announcement of simplifying tax regime for non-residents to encourage investment in govt debt securities added to bullish momentum.

Moreover, the buying activity was observed in Banks, Oil & Gas Exploration sector and Cement Sector.

The Index remained positive throughout the session touching an intraday high of 42,545.33

Of the 95 traded companies in the KSE100 Index 87 closed up 8 closed down, while 0 remained unchanged. Total volume traded for the index was 282.93 million shares.

Sectors propping up the index were Commercial Banks with 332 points, Oil & Gas Exploration Companies with 133 points, Power Generation & Distribution with 107 points, Cement with 95 points and Fertilizer with 91 points.

The most points added to the index was by HUBC which contributed 101 points followed by HBL with 85 points, ENGRO with 83 points, UBL with 73 points and PPL with 67 points.

Sector wise, the index was let down by Modarabas with 1 points and Leather & Tanneries with 1 points.

The most points taken off the index was by KTML which stripped the index of 2 points followed by SHEL with 1 point, GSKCH with 1 point, POL with 1 point and FHAM with 1 point.

All Share Volume increased by 81.61 Million to 412.35 Million Shares. Market Cap increased by Rs.159.66 Billion.

Total companies traded were 380 compared to 361 from the previous session. Of the scrips traded 297 closed up, 72 closed down while 11 remained unchanged.

Total trades increased by 38,947 to 119,204.

Value Traded increased by 8.99 Billion to Rs.17.06 Billion

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