KARACHI: The Pakistan stock market witnessed a gain of 272 points on Monday as the benchmark KSE-100 index closed at 42,293 points, up from the previous close of 42,023 points.
This increase came amidst mixed trading activities, reflecting a blend of sectoral performances and investor sentiments throughout the session.
Analysts at Arif Habib Limited noted that the stock market opened on a positive note, quickly adding a total of 377 points during the day. The optimism was largely driven by strong performances in the Oil Marketing Companies (OMCs), Refinery, Chemical, Cement, Steel, and Pharma sectors. However, the Exploration and Production (E&P) sector faced downward pressure due to declining international crude oil prices.
The Fertilizer sector also stood out, buoyed by expectations of a deferral in the Gas Infrastructure Development Cess (GIDC) collection by the government. This speculation provided a boost to fertilizer stocks, contributing significantly to the day’s overall stock market performance.
The Cement sector led the stock market in terms of volume, with 120.1 million shares traded, followed by the Banking sector with 74.8 million shares and the Technology sector with 65.7 million shares. Among individual scrips, POWER led the volumes with 72.4 million shares, followed by Pakistan International Bulk Terminal Limited (PIBTL) with 57.3 million shares and Hascol Petroleum Limited (HASCOL) with 45.9 million shares.
Sector-wise, Cement contributed the most to the index’s rise, adding 58 points, followed by Fertilizer with 55 points, Technology with 36 points, OMCs with 29 points, and Power with 22 points. Despite the overall positive trend, trading volumes saw a slight decline, with 748.7 million shares traded, down 1% from the previous day’s 758.2 million shares. The average traded value also fell by 4%, reaching $142.8 million compared to $149.2 million in the previous session.
Key stocks that drove the stock market upward included Lucky Cement (LUCK), which added 41 points, Systems Limited (SYS) with 33 points, Fauji Fertilizer Company (FFC) with 28 points, Hub Power Company (HUBC) with 23 points, and HASCOL with 22 points. Conversely, Pakistan Oilfields Limited (POL) dragged the index down by 21 points, followed by Habib Bank Limited (HBL) with 13 points, Pakistan Petroleum Limited (PPL) with 10 points, Oil & Gas Development Company (OGDC) with 8 points, and Mari Petroleum Company Limited (MARI) with 8 points.
The mixed trading activity and varied sector performances highlight the stock market’s current state of cautious optimism, with investors closely watching both local and global economic indicators.
