KARACHI: Pakistan stocks gained 810 points on Thursday owing to massive decline in international oil prices.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,854 points as against previous day’s closing of 43,043 points showing an increase of 810 points.
READ MORE: Stocks gain 165 points on unchanged monetary policy
Analysts at Arif Habib Limited said that the market opened positive and stayed in the green zone throughout the day due to decline in international commodity prices.
The oil prices in the international markets fell sharply and recorded 13 per cent decline in a single day in last two years. The oil prices remained volatile since start of Russia-Ukraine war on February 24, 2021.
Moreover, Investors opted for an accumulation across the board specially in the cement stocks. Volumes remained dull.
READ MORE: KSE-100 index sheds 389 points in volatile trading
KSE 100 index closed 810 points up, value buying was observed in the last trading hour.
Sectors contributing to the performance include Cement (+217.5 points), Commercial Banks (+199.4 points), Technology (128.1 points), Automobile Assembler (+41.5 points) and Textile Composite (+33.6 points).
READ MORE: Pakistan stocks nosedive on world oil, political unrest
Volumes increased from 183.7 million shares to 271.9 million shares (+48.0 per cent DoD). Traded value also increased by 23.6 per cent to reach US$ 42.0 million as against US$ 34.0 million.
Stocks that contributed significantly to the volumes include PAELR3, TPLP, WTL, FLYNGR1 and GGL.
READ MORE: Weekly Review: market to remain jittery
Analysts at Topline Securities said that Pakistan equities closed on a positive note where benchmark KSE100 Index settled at 43,854 level (up 1.88 per cent).
Following international markets and decline in international commodities prices, KSE100 Index opened gap up and remained positive throughout the day where market make an intraday high of 878 points, they added.
