Bulls take control of Pakistan stocks
KARACHI: Pakistan stocks edged up as bulls remained in control of the entire session on Wednesday. The indexes rose after buying in oil stocks and clarity of the government’s stance over Rangers issue in Sindh.
The benchmark KSE-100 index accumulated 247.56 points and closed at 32,714.60. KMI 30 appreciated 1.00% to reach 54,626.60. KSE All Share gained 125.18 points and ended at 22,633.54.
The market volume was slightly up, 2.41%, at 149.01 million as investor’s awaited the FED meeting. Oil and gas marketing sector was investor favorite with 33.08 million shares traded during the session. Power generation and distribution sector with 20.68 million and technology and communication with 20.48 million followed.
In line with the trend low and mid companies led the volume chart. A surprise addition on the volume chart was Oil and Gas Development Authority (OGDC +2.02%). The company was fifth on the volume Pakistan Petroleum Limited (PPL +4.99%) touched the upper cap after details of its hydrocarbon discovery surfaced. The company has termed this as the biggest gas discovery from any well in a decade.
Joining the upper lock companies was Pakistan Suzuki Motors Company Limited (PSMC +5.00%). The entity is paced on introducing two fresh variants, one in the 660cc engine category and other in the 1600cc. It is also setting up a spare parts manufacturing plant. On a whole, $430 million will be will be invested on the projects.
Hascol Petroleum Limited (HASCOL) rose 2.22% following the inauguration of its newly reconstructed and contemporary fuel retail facility at Chakri South on the Islamabad-Lahore Motorway (M-2). The enterprise has exclusive rights of retail fuel sales on the Lahore-Islamabad Motorway.
After a blood-bathed session on Tuesday, buying was seen in cement and commercial banks on large cap companies in both sectors gained. Maple Leaf Cement Factory (MLCF) by 1.96%, Lucky Cement Limited (LUCK) by 1.89% and Dera Ghazi Khan Cement (DGKC) by 1.66%.
In the commercial banks sector, MCB Bank Limited (MCB) was up 3.02%, United Bank Limited (UBL) rose 1.61% and Habib Bank Limited (HBL) inched up by 0.11%.