Karachi. March 22, 2021: The KSE 100 index opened the week with a 500+ points rally to settle the day at 45,407 (up 1.13 percent). The rally was primarily driven by Oil stocks which rose on the expectation that the payment to the IPP’s, which was due this month is imminent. This is expected to improve the liquidity condition of the energy change including E&P’s, OMC & IPP’s. Consequently, OGDC, PPL & MARI cumulatively added ~236 points while HUBC, KAPCO & PSO added ~88 points to the benchmark index.
On the results front, PSMC announced 4QCY20 EPS of 12.28, which was better than analyst expectations due to higher gross margins in 4Q2020, after which the stock closed the day at 274.12 (up 3.67 percent).
PKGS also announced its CY20 consolidated EPS of 47.44 along with a cash dividend of PKR22.50/share after which the stock closed the day at its upper circuit.
On the volume front, total traded volume and value clocked in at 440.97 million shares (down 9.01 percent DoD) and PKR 22.09 billion (up 1.3 percent DoD) respectively. The volume leader for today was BYCO with 68.67 million shares exchanging hands.