Pakistan stocks gain amid concerns over rising oil prices

Pakistan stocks gain amid concerns over rising oil prices

KARACHI: Pakistan stocks gained 128 points on Thursday amid concerns over rising oil prices and surge in coronavirus cases.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,083 points as against previous day’s closing of 44,955 points, showing an increase of 128.0 points.

READ MORE: Stocks end up 67 points amid range bound trading

Analysts at Arif Habib Limited said that range bound session was witnessed today due to the concerns over mounting international oil prices and rising Covid-19 cases.

Oil touched $90 a barrel for the first time in seven years supported by tight supply and rising political tensions between Russia and Ukraine that added to concerns about further disruption in an already-tight market.

READ MORE: Stocks fall on rising COVID cases

Market opened on a positive note but soon after profit taking was witnessed across the board. Main board activity remained gloomy.

On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, value buying was observed due to announcement of corporate results.

Sectors contributing to the performance include Technology (+62.7 points), Power (+28.4 points),

READ MORE: Stocks fall 94 points amid policy announcement

Commercial Banks (+22.1 points), Misc. Sectors (+20.9 points) and E&P (+17.4 points).

Volumes increased from 137.3 million shares to 173.6 million shares (+26.4 per cent DoD). Traded value also increased by 22.5 per cent to reach US$ 37.1 million as against US$ 30.3 million.

Stocks that contributed significantly to the volumes include TRG, HUMNL, UNITY, WTL and CNERGY.

READ MORE: Stocks gain on unchanged policy rate expectations

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