Pakistan equities gain 353 points as oil prices ease

KARACHI: Pakistan equities gained 353 points on Tuesday owing to decline in oil prices in the international markets.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,720 points as against previous day’s closing of 43,367 points, showing an increase of 352.93 points.

Analysts at Topline Securities said that Pakistan equities closed on a positive note as benchmark KSE-100 Index settled at 43,719 level (up 0.81 per cent).

Market open on a positive note over decline in international oil prices as market make an intraday high of 426 points.

Major contributors in today’s trading session were HUBC, LUCK, TRG and SYS cumulatively added 150 points in KSE100 Index further investor’s interest also witnessed in Financial sector where HBL, MCB and BAHL closed higher.

Analysts at Arif Habib Limited said that another Lackluster session was observed today due to political noise. Market opened in the green zone and stayed positive throughout the day.

Main board activity continued to remain sluggish, whereas market witnessed hefty volumes in the 3rd tier stocks. In the last trading hours buying was observed across the board.

Sectors contributing to the performance include Cement (+75.9 points), Power (+68.1 points), Technology (+55.3 points), Banks (+39.5 points) and OMC’s (+26.49 points).

Volumes increased from 115.1 million shares to 189.0 million shares (+64.2 per cent DoD). Traded value also increased by 28.6 per cent to reach US$ 26.2 million as against US$ 20.3 million.

Stocks that contributed significantly to the volumes include TELE, TPLP, TREET, WTL AND SSGC.