Bulls stage comeback as index gains 567 points

KARACHI: Losing spree at the Pakistan Stock Exchange came to a halt on Monday after the benchmark index staged a spectacular rally of over 550 points amid improved investor sentiment.

Global equity markets also showed a positive trend, whereas crude oil prices moved north from the previous close; WTI crude price rising 1.92pc to $60.61 while Brent crude price appreciating 1.35pc to $63.27 (as at 3:53pm PST).

“The market reacted positively to reports on foreign remittances as well as expectation of better quarterly results in the corporate sector. Cement sector continued with the uptrend on prospects of better results, whereas E&P sector benefited from an increase in international crude oil prices. Selling pressure witnessed last week from institutional and foreign investors subsided in banks and fertilizer sectors, resulting in improved performance across the board,” 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 day, registering its intraday high at 46,507.42 after gaining 699.06 points. It settled higher by 567.23 points at 46,375.59.

Among other indices, the KMI-30 Index surged 1,222.85 points to close at 76,693.62, while the KSE All Share Index added 339.11 points, ending at 31,891.80.

The overall market volumes inched up from 442.55 million shares on Friday to 486.23 million shares (+10pc). Average traded value also increased by 19pc, from $131.2 million to $155.9 million. Worldcall Telecom (WTL +10.07pc), Maple Leaf Cement Factory Ltd (MLCF +4.18pc) and Telecard Ltd (TELE +17.76pc) led the volume chart, exchanging 40.30 million, 35.65 million and 28.70 million shares, respectively.

Sectors that painted the benchmark index green included oil & gas exploration (+117.19 points), technology & communication (+77.08 points) and cement (+66.93 points). Among the companies, Oil and Gas Development Company Ltd (OGDC +52.97 points), TRG Pakistan Ltd (TRG +44.66 points) and Systems Ltd (+34.13 pts) contributed the most.

Adding 2.46pc to its total market capitalization, the oil & gas exploration sector ended the session’s top performer, with OGDC (+3.40pc), Pakistan Oilfields Ltd (POL +2.15pc), Pak Petroleum Ltd (PPL +2.17pc) and Mari Petroleum Company Ltd (MARI +0.80pc) posting decent gains.

Meanwhile, in a notification to the exchange, Flying Cement Company Ltd (FLYNG +9.11pc) informed that the company has completed the installation and commissioning of 7.5MW Waste Heat Recovery Power Plant (WHRPP) at its site at Mangowal, Khushab.

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