KARACHI: Stocks staged a rally on Wednesday with the KSE-100 index benchmark gaining over 1,000 points intraday.
Positive sentiments prevailed at the exchange following confirmations by the finance adviser and SECP chairman that the government is considering putting together a fund to buy equities. The fund, which is aimed at stabilising the stock market, might be launched in the next 10 days.
On the economic front, total foreign loans for the month of April rose to $8.837 billion, an increase of $2.997 billion from March. Total foreign loans acquired during July 2018 – April 2019 stand at $14.837 billion, which is 45pc higher than the same period last year.
Surging by 2.90pc, the KSE-100 Index benchmark touched its day’s peak at 35,993.61. The index settled higher by 1,010.15 points at 35,959.43. The KMI 30 Index gathered 2,388.99 points to close at 58,336.11, whereas the KSE All Share Index was up by 518.12 points, ending at 26,097.02. The advancers to decliners ratio stood at 232 to 73.
The overall market volumes increased from 151.67 million in the last session to 182.21 million (an increase of 20pc). The Bank of Punjab (BOP +1.17pc), Fauji Cement Company Limited (FCCL +4.64pc) and Unity Foods Limited (UNITY +9.16pc) led the volume chart. The scripts had traded 17.45 million shares, 11.84 million shares and 9.89 million shares respectively.
The oil and gas marketing sector gained 4.55pc in its cumulative market capitalisation. Pakistan State Oil Company Limited (PSO +5.00pc) and Hascol Petroleum Limited (HASCOL +5.00pc) touched their upper circuit breakers. Sui Northern Gas Pipeline Limited (SNGP +4.99pc), Sui Southern Gas Company Limited (SSGC +5.41pc) and Attock Petroleum Limited (APL +3.92pc) also closed with decent gains.
According to a notification sent by the exchange, Agha Steel Industries Limited’s Secured Sukuk Certificates worth Rs5,000 million will be listed on the exchange on Thursday (May 30, 2019). Trading in Sukuk certificates will commence one day after the date of their formal listing i.e May 31, 2019.