KSE-100 index gains 506 points

KSE-100 index gains 506 points

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 506 points on Monday owing to improved sentiments in oil stocks and circular debt issue.

The Index closed at 45,407 points as against last Friday’s closing of 44,901 points, showing an increase of 506 points.

Analysts at Arif Habib Limited said that the market went down earlier in the session by 165 points that saw across the board mild selling pressure.

Short roll-over week and an outstanding amount of Rs. 38.8B at the start of the week caused some jitters. However, a reversal in energy chain stocks (E&P, Refinery, O&GMCs, Power) saw a rebound in the Index.

Anticipation of resolution of gas related circular debt helped energy chain to recover primarily. Among major contributors, OGDC, PPL and HASCOL hit upper circuit during the session, whereas PSO, HUBC also contributed to the positivity.

Similarly, Refinery sector stocks also performed well today. Among scrips, BYCO topped the volumes with 68.6 million shares, followed by PRL (40.8 million) and HASCOL (38.5 million).

Sectors contributing to the performance include E&P (+236 points), O&GMCs (+88 points), Tech (+78 points), Power (+44 points) and Fertilizer (+43 points).

Volumes declined from 484.6 million shares to 440.9 million shares (-9 percent DoD). Average traded value however increased by 1 percent to reach US$ 141.7 million as against US$ 140 million.

Stocks that contributed significantly to the volumes include BYCO, PRL, HASCOL, TRG and ASL, which formed 45 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+111 points), PPL (+101 points), TRG (+44 points), PSO (+44 points) and HUBC (+41 points). Stocks that contributed negatively include AICL (-12 points), MCB (-11 points), BAFL (-10 points), PIOC (-10 points) and NBP (-10 points).