Stocks gain 502 points to breach 45,000 barrier

KARACHI: Bulls regained control of the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark index crossing the 45,000 threshold for the first time since May 2018.

Global equity markets also showed a positive trend, whereas crude oil prices continued to move uphill; WTI crude price appreciating 0.64pc to $50.26 while Brent crude price surging 1.01pc to $54.21 (as at 3:56pm PST).

“The stock market staged an impressive rally today, with buying activity observed across the board; exploration & production and oil & gas marketing sectors rebounding strongly, whereas cement and fertilizer sectors continued with yesterday’s positive momentum,” a report issued by Arif Habib Ltd read. “International crude oil prices jumped significantly on the conclusion of agreement among OPEC+ countries, which became the basis for an uptick in E&P stocks. Cement sector leaped on the expectation of an increase in cement price in the northern region, while banking sector contributed positively in anticipation of annual results.”

MARKET SUMMARY

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The benchmark KSE-100 Index remained in the green throughout the day, registering its intraday high at 45,194.63 (+544.20 points). It settled higher by 502.99 points at 45,153.42.

Among other indices, the KMI-30 Index accumulated 1,194.11 points to close at 73,830.39, while the KSE All Share Index added 364.42 points, ending at 31,630.58.

The overall market volumes surged from 582.08 million shares in the previous session to 664.29 million shares (+14pc). Average traded value increased by 2pc, from $151.2 million to $154 million. Byco Petroleum Pakistan Ltd (BYCO +11.38pc), Pakistan Refinery Ltd (PRL +4.59pc) and Kot Addu Power Company Ltd (KAPCO +1.66pc) led the volume chart, exchanging 97.63 million, 87.25 million and 31.10 million shares, respectively.

Sectors that painted the benchmark index green included banking (+110.03 points), oil and gas exploration sector (+106.95 points) and cement (+60.76 points). Among the companies, Meezan Bank Ltd (MEBL +62.64 points), Dawood Hercules Corp Ltd (DAWH +46.44 points) and Pakistan Oilfields Ltd (POL +46.02 pts) remained the top contributors.

Adding 6.86pc to its cumulative market capitalization, the refinery sector ended as the session’s top performer, with Byco Petroleum Pakistan Ltd (BYCO +11.38pc), Pakistan Refinery Ltd (PRL +4.59pc), Attock Refinery Ltd (ATRL +1.65pc) and National Refinery Ltd (NRL +4.34pc) posting significant gains.

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