Stocks extend rally as index surpasses 30,000-mark

KARACHI: Continuing with the positive momentum from the previous session, indices of the Pakistan Stock Exchange (PSX) accumulated decent gains on Thursday, with the benchmark KSE-100 ending above the 30,000 mark.

Foreign investors remained net sellers on Wednesday, recording a net outflow of $42.90 million.

“A jump in international crude prices by approximately 10pc seem to have given the impetus to the market today, with OGDC, PPL and POL trading near cap for most part of the trading session,” said an analyst at Arif Habib Ltd. “Institutional buying further boosted the sentiment amid possibility of an announcement of a relief package for construction industry. In anticipation, construction sectors (cement & steel) rallied and hit upper circuits.”

Gathering 1,336.43 points, the KSE-100 Index jumped past the 30,000 mark to its record its intraday high at 30,842.00. It ended higher by 1,277.09 points at 30,782.66.

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Among other indices, the KMI-30 Index surged 2,446.87 points to close at 47,812.39, while the KSE All Share Index accumulated 772.79 points, settling at 21,989.20.

The overall volumes were recorded at 311.40 million, of which 226.57 million belonged to the KSE-100 scrips. Hascol Petroleum Limited (HASCOL +8.49pc), K-Electric Limited (KEL +6.79pc) and Unity Foods Limited (UNITY +7.29pc) topped the volume chart, exchanging 29.54 million, 20.59 million and 19.04 million shares, respectively.

Sectors that drove the index north included banking (+328.00 points), oil & gas exploration (+258.46 points) and cement (+160.49 points). Among the companies, Oil & Gas Development Company Limited (OGDC +81.44 points), Pak Petroleum Limited (+79.83 points) and Engro Corporation Limited (ENGRO xx points) remained the top contributors to the index.

Adding 8.66pc in its total market capitalization, the refinery sector emerged as the top gainer of the day, with Byco Petroleum Pakistan Limited (BYCO +9.23pc), Pakistan Refinery Limited (PRL +8.90pc), Attock Refinery Limited (ATRL +7.49pc) and National Refinery Limited (NRL +7.50pc) closing with decent gains.

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