KARACHI: The stock market increased by 447 points on Monday owing to hope of rise in oil prices following attack on Saudi Oil facility.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) at 31,929 points as against 31,481 points showing an increase of 447 points (+1.4 percent DoD).
Analysts at Arif Habib Limited said that KSE-100 index leapt +345 points at the start, which was mainly contributed by E&P stocks.
Over the weekend, the attack on Saudi Oil facility caused international crude oil prices to surge by 10 percent.
E&P stocks reacted to this change and after an initial spike, OGDC, PPL traded near Upper circuits for good part of the session, and ultimately hit upper circuits.
This was followed by activity in Refinery and OMC sectors, which also saw stock prices of underlying stocks hit upper circuit.
By the end of session, DGKC announced its financial results depicting loss in last quarter, yet announcing 10 percent dividend.
Traded volume increase significantly in DGKC, post results, but the price remained in red. Cement sector led the volumes table with 14.9 million shares, followed by E&P (10.7 million) and O&GMCs (10.5 million).
Among scrips, DGKC led the volumes with 6.7 million shares, followed by OGDC (6.7 million) and HASCOL (5.7 million).
Sectors contributing to the performance include E&P (+225 points), Banks (+159 points), O&GMC (+37 points), Fertilizer (+28 points), Pharma (+16 points), Cement (-23 points) and Insurance (-10 points).
Volumes showed nominal growth of 1.4 percent DoD to reach 10.6 million shares as against 103 million shares. Average traded value also increased by 6 percent to reach US$ 31.9 million as against US$ 29.9 million.
Stocks that contributed significantly to the volumes include DGKC, OGDC, HASCOL, UNITY and KEL, which formed 28 percent of total volumes.
Stocks that contributed positively include OGDC (+83 points), PPL (+75 points), UBL (+55 points), POL (+50 points) and HBL (+43 points).
Stocks that contributed negatively include HUBC (-25 points), LUCK (-23 points), MUREB (-8 points), AICL (-5 points), and EFUG (-5 points).