Share market gains 165 points on international oil price increase

Share market gains 165 points on international oil price increase

KARACHI: The share market witnessed a gain of 165 points on Friday mainly due to activities in energy sector after rise in international oil prices.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,470 points as against 42,305 points showing an increase of 165 points.

Analysts at Arif Habib Limited said that the market added a total of 322 points during the session and closed +165 points.

International crude oil prices went overboard in last night’s trading which saw both WTI and Brent increasing by 4 percent and Brent crossing US$50/bbl level, which was last observed in March 2020. Local E&P sector saw pronounced impact of crude oil prices, with significant interest in OGDC and PPL.

Similarly, banking sector stocks showed persistent interest from investors, especially in HBL and NBP. Among Cement sector stocks, LUCK performed relatively better in comparison with its peers.

Volume leaders had PRL on top slot with 84.7 million shares, followed by ANL (35.2 million) and UNITY (35.2 million).

Sectors contributing to the performance include E&P (+117 points), Textile (+33 points), Power (+26 points), Refinery (+15 points) and O&GMCs (+14 points).

Volumes increased from 472.3 million shares to 557.6 million shares (+18 percent DoD). Average traded value also increased by 24 percent to reach US$ 149.3 million as against US$ 120.6 million.

Stocks that contributed significantly to the volumes include PRL, ANL, UNITY, TRG and HASCOL, which formed 37 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+43 points), PPL (+27 points), POL (+24 points), MARI (+23 points) and HUBC (+21 points).

Stocks that contributed negatively include MCB (-32 points), TRG (-28 points), COLG (-10 points), BAFL (-10 points) and HMB (-7 points).

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