KSE-100 gains 169 points on activities in E&P sector

KSE-100 gains 169 points on activities in E&P sector

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended with gain of 169 points on Thursday on enhanced activities in scrips of exploration and production sector.

The index closed at 39,090 points as against 38,921 points showing an increase of 169 points.

Analysts said that market performed well today, touching a high of 304 points during the session and traded throughout the day above 39,000.

E&P stocks drove the market, continuing the trend from yesterday, on the back of high crude oil prices that jumped overnight by about 5 percent.

The analyst at Arif Habib Limited said that banking blue chips remained muted throughout the day and so did cement and steel sectors, where Investors were seen concerned due to upcoming results. Clearly, the expectations for the outgoing quarter for Cement and Steel are bearish among investors. Volumes were led by BOP, WTL and PAEL.

Sectors contributing to the performance include E&P (+138 points), Banks (+48 points), Fertilizer (+27 points), Tobacco (+21 points), Insurance (+17 points).

Volumes declined further from 133.8 million shares to 111.9 million shares (-16 percent DoD). Average traded value declined from $ 42 million to $ 33 million (-22 percent DoD).

Stocks that contributed significantly to the volumes include BOP, WTL, PAEL, KEL and SSGC, which formed 36 percent of total volumes.

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