Bulls dominate Pakistan stocks on POL price increase

Bulls dominate Pakistan stocks on POL price increase

KARACHI: Pakistan stocks witnessed bullish run on Friday after the government announced to enhance prices of petroleum products to pave way for IMF tranche.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,861 points from previous day’s closing of 42,541 points, showing an increase of 320 points.

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Analysts at Arif Habib Limited said that the market witnessed a long-awaited bull run after the government finally announced to increase petroleum prices considering the IMF Program resumption which resulted in the price appreciation of Pak Rupee against USD.

The investors rejoiced over the news as KSE-100 went up by 1,013 points during the session giving bulls an upper hand to remain active throughout the day.

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However, profit selling was observed in the last trading hour due to the end of Rollover week.

Hefty volumes were observed all across the board on the contrary 3rd tier stocks remained in the limelight.

The Index closed at 42,861.45 points, up by 319.74 points (+0.75 per cent DoD). Sectors contributing to the performance include Fertilizer (+44.1 points), E&P’s (+43.0 points), Banks (+40.5 points), Chemical (+37.6 points) and Cement (+35.4 points).

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Volumes increased from 347.1 million shares to 527.7 million shares (+52.0 per cent DoD). Average traded value also increased by 54.5 per cent to reach US$ 70.0 million as against US$ 45.3 million.

Stocks that contributed significantly to the volumes are CNERGY, PRL, WTL, HUMNL, and GGL.

READ MORE: Pakistan stocks plunge by 660 points on political tensions

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