Stocks extend rally with 251-point gain

KARACHI: The Pakistan Stock Exchange (PSX) continued to head north on Monday, with the indices accumulating gains all day long amid improved market sentiment.

Global equity markets also showed a positive trend, whereas crude oil prices inched up from the previous close; WTI crude oil price rising 0.89pc to $48.98, while Brent crude increasing 1.49pc to $52.56.

“The market carried the positive momentum from the previous session, especially with reference to resolution of circular debt that resulted in strong buying in the energy chain. Exploration & production sector also saw continuation of buying interest, not only due to an increase in international crude prices but also on the back of expected release of stuck up receivables of PPL and OGDC,” a report issued by Arif Habib Ltd read. “Cyclicals (cement and steel) saw a slump in stock prices owing to profit booking, whereas tech stocks bore selling pressure on NCCPL’s latest circular regarding implementation of close out mechanism for future contracts.”

MARKET SUMMARY

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The benchmark KSE-100 Index remained in the green zone throughout the day, registering its intraday high at 45,074.37 after gaining 639.57 points in early trade. It settled higher by 251.66 points at 44,686.46.

Among other indices, the KMI-30 Index appreciated 451.22 points to close at 72,906.06, while the KSE All Share Index accumulated 112.53 points, ending at 31,282.02.

The overall market volumes fell from 642.58 million shares on Friday to 540.61 million shares (-16pc). Average traded value also declined by 2pc, from $170.7 million to $166.6 million. Pak Elektron Ltd (PAEL +4.45pc), Hub Power Company Ltd (HUBC +5.49pc) and Hascol Petroleum Ltd (HASCOL 0.00pc) led the volume chart, exchanging 27.37 million, 25.36 million and 24.96 million shares, respectively.

Sectors that painted the benchmark index green included oil & gas exploration (+164.59 points), power generation & distribution (+127.84 points) and oil & gas marketing (+96.90 points). Among the companies, Hub Power Company Ltd (HUBC +104.78 points), Pakistan State Oil Company Ltd (PSO +80.22 points) and Pakistan Petroleum Ltd (PPL +78.85 points) remained the top contributors.

Adding 4.53pc to its cumulative market capitalization, the oil & gas marketing sector ended as the session’s top performer, with Sui Northern Gas Pipeline Ltd (SNGP +2.79pc), Pakistan State Oil Company Ltd (PSO +7.12pc) and Shell Pakistan Ltd (SHEL +7.50pc) posting significant gains.

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