Stocks bounce back to recover overnight losses

KARACHI: The Pakistan Stock Exchange (PSX) was back on track as bulls re-appeared to take control of the market after a day of consolidation.

Global equity markets also showed a positive trend, whereas crude oil prices appreciated further from the previous close; WTI crude price rising 2.39pc to $54.84 while Brent crude price increasing 2.33pc to $57.64 (as at 3:50pm PST). As per analysts, the surge in oil prices was due to a decline in inventories and hopes of a swifter global economic recovery.

“The signing of IPPs agreement motivated investors to take positions in PSO and HUBC, resulting in the latter driving the market with an overall increase of 394 points during the session. Similarly, overnight increase in crude oil prices by 3.5pc caused the E&P stocks to contribute assertively to the upsurge in the index. Banking, refinery and cement stocks saw profit booking, which kept the gains in check,” a report issued by Arif Habib Ltd read.

MARKET SUMMARY

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The benchmark KSE-100 Index remained in the green throughout the session, touching its intraday high at 46,642.72 after gaining 394.27 points. It settled higher by 331.89 points at 46,580.34.

Among other indices, the KMI-30 Index accumulated 666.67 points to end at 74,905.07, while the KSE All Share Index added 166.89 points, closing at 32,167.97.

The overall market volumes fell from 692.90 million shares in the previous session to 467.66 million shares (-33pc). Average traded value also dipped by 24pc, from $190.6 million to $145.2 million. Hascol Petroleum Ltd (HASCOL -6.69pc), K-Electric Ltd (KEL -0.66pc) and Pakistan International Bulk Terminal Ltd (PIBTL 0.00pc) led the volume chart, exchanging 43.96 million, 34.22 million and 22.55 million shares, respectively.

Sectors that drove the benchmark index north included oil & gas exploration (+100.92 points), power generation & distribution (+88.04 points) and oil & gas marketing (+60.84 points). Among the companies, Hub Power Company Ltd (HUBC +87.06 points), Pakistan State Oil Company Ltd (PSO +65.27 points) and Oil and Gas Development Company Ltd (OGDC +38.54 points) remained the top contributors.

Adding 2.91pc to its cumulative market capitalization, the oil & gas marketing sector ended as the session’s top performer, with Pakistan Oilfields Ltd (PSO 5.62pc), Sui Northern Gas Pipeline Ltd (SNGP 2.34pc) and Shell Pakistan Ltd (SHEL 1.63pc) posting decent gains.

Meanwhile, AGP Limited (AGP 1.69pc), in a notification to the exchange, announced that the Drug Regulatory Authority of Pakistan has granted emergency use authorization for “Gam-COVID-Vac” combined vector vaccine to prevent coronavirus infection. The company has been authorized to import and introduce vaccine in Pakistan.

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