KARACHI: The Pakistan Stock Exchange (PSX) staged a massive rally on Tuesday, which propelled the KSE-100 Index up almost 1,400 points intraday.
“The overnight increase in international crude oil prices, coupled with a positive trend in global stock markets (following the election day rally), helped the local bourse stage a comeback rally on Tuesday,” said a report issued by Arif Habib Ltd. “Besides, the PM’s announcement with regard lowering of electricity cost for industrial consumers, which came by the end of session, also helped strengthen the index.”
The banking sector, which had been under significant selling pressure for the past few sessions, saw buyers taking charge today, giving way for stock prices to trade near upper circuits.
The benchmark KSE-100 Index remained in the green zone throughout the day, marking its intraday high at 40,499.64 after gaining 1,387.46 points. It settled higher by 1,368.70 points at 40,480.88.
Among other indices, the KMI-30 Index accumulated 2,534.73 points to end at 64,655.89, while the KSE All Share Index added 864.72 points, closing at 28,430.93.
The overall market volumes jumped from 322.16 million shares in the previous session to 383.93 million shares (+19pc). Average traded value also increased by 15pc, from $74.8 million to $86.2 million. Unity Foods Ltd (UNITY +3.74pc), Power Cement Ltd (POWER +10.02pc) and Hascol Petroleum Ltd (HASCOL +7.31pc) topped the volume chart, exchanging 42.54 million, 35.56 million and 29.11 million shares, respectively.
Sectors that painted the benchmark index green included banking (+356.40 points), oil & gas exploration (+169.94 points) and cement (+157.14 points). Among the companies, Habib Bank Ltd (HBL +83.41 points), United Bank Ltd (UBL +78.76 points) and Pakistan Oilfields Ltd (POL +69.55 points) remained the top contributors.
Adding 9.76pc to its cumulative market capitalization, the oil & gas exploration sector ended as the session’s top performer, with Oil and Gas Development Company Ltd (OGDC +2.62pc), Pakistan Oilfields Ltd (POL +7.50pc), Pak Petroleum Ltd (PPL +3.46pc) and Mari Petroleum Company Ltd (MARI +3.38pc) posting decent gains.