Stocks surge 506 points on back of energy sector

KARACHI: Pakistan Stock Exchange (PSX) remained on an upward trajectory on Monday, with the benchmark index accumulating over 500 points to breach 45,000 level.

Global equity markets, on the other hand, displayed a negative trend, whereas crude oil prices inched lower from the previous close; WTI crude price by 0.28pc to $61.22 while Brent crude price falling 0.23pc to $64.38 (as at 2:21pm PST).

“The market went down during the initial trading hours but managed to change its direction thanks to a reversal in energy chain stocks (E&P, refinery, O&GMCs, power), which was primarily due to the anticipation of resolution of gas-related circular debt,” a report issued by Arif Habib Ltd read.

MARKET SUMMARY

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Starting the day on a negative note, the benchmark KSE-100 Index recorded its intraday low at 44,735.59 (-165.72 points). The index, however, quickly recovered all losses and posted its intraday high at 45,465.13 after gaining 563.82 points. It settled higher by 506.02 points at 45,407.33.

Among other indices, the KMI-30 Index accumulated 1,295.15 points to close at 75,111.70, while the KSE All Share Index gathered 331.12 points, ending day at 31,081.32.

The overall market volumes fell from 484.63 million shares on Friday to 440.33 million shares (-9pc). Average traded value, however, inched up 1pc, from $140 million to $141.7 million. Byco Petroleum Pakistan Ltd (BYCO +0.91pc), Pakistan Refinery Ltd (PRL +4.98pc) and Hascol Petroleum Ltd (HASCOL +9.54pc) led the volume chart, exchanging 68.65 million, 40.83 million and 38.58 million shares, respectively.

Sectors that painted the benchmark index green included oil & gas exploration (+239.72 points), oil & gas marketing (+92.85 points) and technology & communication (+77.94 points). Among the companies, Oil and Gas Development Company Ltd (OGDC +112.45 points), Pak Petroleum Ltd (PPL +102.05 points) and Pakistan State Oil Company Ltd (PSO +47.66 points) remained the top contributors.

Adding 5.35pc to its cumulative market capitalisation, the oil & gas exploration sector ended as the session’s top performer, with OGDC (7.49pc), PPL (7.49pc) and MARI (1.79pc) posting decent gains.

On the financial side, Packages Limited (PKGS +7.50pc) declared earnings per share of Rs31.55 for FY20 as compared to Rs15.06 in FY19, whereas Pakistan Suzuki Motors Company Ltd (PSMC +3.91pc) reported a loss per share of Rs19.31 for FY20 as compared to Rs35.49 in FY19.

The exchange will remain closed on 23rd March on account of Pakistan Day.

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