Surge in oil prices help Pakistan stocks gain 271 points
KARACHI: Pakistan stocks closed up by 0.80 % on Wednesday after the surge in global oil prices gave the investors more confidence while the announcements of positive corporate results’ also supported the fresh momentum.
The Karachi Stock Exchange (KSE)-100 index gained 271.01 points to close at 34,332.43 points as compared to 34,061.42 of the previous session. The KSE-30 Index added 147.57 points and closed at 20,449.01 points against 20,301.44 points of the last closing. “Pakistan equities added to recent gains as sharp surge in global crude pushed index heavy oil names higher and helped escalate the momentum in the broader market. Despite foreign selling, higher turnover on benchmark KSE100 (20-day high) clearly indicates revival of confidence as earnings continue to surprise across the board,” said Elixir Sales’ analyst.
The analyst expects volatile trading with index testing 34,500 ahead of the weekend, while inflation reading due next week is expected to keep interest in the wider market alive.
Habib Metropolitan Financial Services’ analyst Saba Mahmood said as oil in the international market gained, the local index followed in its footsteps. She said that the day was brimming with anticipation as big names results were lined up. “The market is expected to track regional markets and trade range bound as results season ends,” she said.
The market volume increased to 192.390 million shares traded as compared to 163.809 million shares traded in the previous session. Trading value at the local bourse rose to Rs 12.386 billion against Rs 9.350 billion of the previous session. Out of 393 scrips, 210 scrips advanced, 210 scrips declined while the value of 11 scrips remained unchanged. The KMI-30 index advanced by 432.50 points to close at 57,743.26 points as compared to 57,310.76 points of the previous session.
The KSE all-share index went 197.13 points up to close at 23,956.78 points as compared to 23,759.65 points of the previous session. K-Electric Limited was the volume leader in market with 18.432 million shares as it closed at Rs 7.46 followed by Pace (pak) Limited with trading of 15.164 million shares and closed at Rs 7.80. Pak Elektron traded 7.204 million shares and closed at Rs 77.44.