KARACHI: The stock market gained 407 points on Thursday owing to uptick in prices of international crude oil which helped energy scrips at the local bours.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,767 points as against 43,360 points showing an increase of 407 points.
Analysts at Arif Habib Limited said that another day, another uptick in KSE100 index, which was attributed to a consistent and gradual increase in international crude oil prices that has seen an overnight jump of 2 percent in Brent and WTI prices.
Resultantly, OGDC and PPL ramped up with significant trading volumes. Among banks, HBL performed well especially in the last hour of trading that ensured decent closing above LDCP and recent past.
Other sectors that contributed to today’s performance were Fertilizer (on the back of input tax adjustment) and Cement. Among scrips, PRL led the table with 45.1 million shares, followed by PAEL (41.6 million) and KEL (28.8 million).
Sectors contributing to the performance include Banks (+90 points), E&P (+67 points), Fertilizer (+62 points), Cement (+30 points) and O&GMCs (+26 points).
Volumes increased further from 433 million shares to 497.5 million shares (+15 percent DoD). Average traded value also increased by 5 percent to reach US$ 140.8 million as against US$ 133.5 million.
Stocks that contributed significantly to the volumes include PRL, PAEL, KEL, ANL and FFL, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include HBL (+46 points), PPL (+33 points), ENGRO (+28 points), OGDC (+26 points) and EFERT (+18 points). Stocks that contributed negatively include HUBC (-14 points), BAHL (-4 points), NML (-4 points), PAKT (-2 points) and KTML (-2 points).
