Karachi, July 01, 2020: The benchmark index rose to touch an intraday high of +502 points before closing at 34,889 level (up 467 points). Traded volumes improved by 41 percent DoD to 315 million shares while value traded increased to US$63 million.
Top volume stocks of the session were KEL (+9.0 percent), HUMNL (+7.8 percent) and TRG (+6.2 percent) that cumulatively contributed more than 96 million shares. On the news front, SBP has received US$1.3 billion as GOP (government of Pakistan) loan disbursements from Chinese Banks this week.
This brings the total amount of the official inflows received since 23rd June 2020 to around $3 billion. Cements were the center of attraction in today’s trading session where DGKC (+7.1 percent), LUCK (+7.1 percent), PIOC (+3.7 percent), MLCF (+6.1 percent) and CHCC (+5.7 percent) were the major movers. CPI for the month of June-20 clocked in at 8.59 percent, in-line with our expectation.
Inflation is expected to remain elevated in July-20 due to recent increase in petroleum prices. From the E&P sector OGDC (+3.7 percent), POL (+1.7 percent) and PPL (+3.2 percent) closed higher than their previous day close as crude oil prices edged higher in the international market. Moving forward we except market to follow the same trend and our top picks are cements and OMC sector.
