Stocks rally as index surpasses 40,000 mark

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KARACHI: The Pakistan Stock Exchange (PSX) reversed its losses from the previous session and closed with decent on Monday. The indices remained positive throughout the session, helping the benchmark KSE-100 Index surpass the 40,000-mark.

According to analysts, the index found renewed strength after the Consumer Price Inflation (CPI) for the month of November clocked in at 12.67pc, marginally above market consensus at 12.44pc.

Gaining 517.82 points, the KSE-100 Index stormed past the 40,000-mark to record its intraday high at 40,306.55. The index settled higher by 481.79 points at 40,270.52. The KMI-30 Index added 679.13 points to close at 63,277.22, while the KSE All Share Index accumulated 315.80 points, ending the session at 28,434.53.

The overall trading volumes contracted from 448.88 million in the previous session to 393.08 million. Unity Foods Limited (UNITY +1.40pc), Lotte Chemical Pakistan Limited (LOTCHEM +2.81pc) and K-Electric Limited (KEL -1.49pc) topped the volume chart, exchanging 26.85 million, 17.67 million and 15.98 million shares, respectively.

Sectors that helped the KSE-100 Index accumulate gains included banking (+123.79 points), cement (+68.77 points) and oil and gas marketing (+53.44 points). Among the companies, Pakistan State Oil Company Limited (PSO +40.74 points), Lucky Cement Limited (LUCK +33.57 points), MCB Bank Limited (MCB +31.83 points) and United Bank Limited (UBL +31.47 points) remained the top point contributors to the index.

The refinery sector turned out to be the top gainer with the addition of 5.45pc in its total market capitalization. Byco Petroleum Pakistan Limited (BYCO +5.81pc), Attock Refinery Limited (ATRL +5.00pc), National Refinery Limited (NRL +4.99pc) and Pakistan Refinery Limited (PRL +4.97pc) registered decent gains.

Meanwhile, in a notification to the exchange, PSO has announced that it has acquired additional ‘Class B shares’ in Pakistan Refinery Limited (PRL +4.97pc). Following the acquisition, the company’s shareholding has increased from 52.68pc to 56.25pc.

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