The Pakistan Stock Exchange (PSX) experienced a bullish trend on Wednesday as the benchmark KSE-100 index increased by 484.35 points or 0.77%, closing at a level of 63,703.44 points.
However, the trend observed over the last few days was also notable during today’s stock trading – the equity market demonstrates an upward trajectory in the opening hours, followed by a shift towards a downward trend in the afternoon trading sessions.
This week is characterised by political clarity. As a result, market analysts anticipate a gradual recovery, contingent upon the full disclosure of political developments.
Notable gains were observed in the sectors of cement, fertilizer, power generation & distribution, and refinery.
In the refinery sector, particularly, share prices saw increases: Attock Refinery by Rs 10.65, Cnergyico by Rs 0.34, National Refinery by Rs 2.08, and Pak Refinery by Rs 0.7.
The optimism in the oil refinery sector is driven by expectations of significant investments.
Collectively, Pakistan’s five refineries aim to invest between $5 billion and $6 billion in upgrades. These enhancements could potentially double the country’s petrol production, increase diesel output by 47%, and decrease furnace oil production by 78%.
Cnergyico Pk Limited, a leading refiner in Pakistan, plans to invest over $1 billion following a new government policy aimed at revitalizing the sector.
Pakistan Refinery Limited (PRL) is also looking to double its processing capacity to 100,000 barrels per day with a $1.7 billion investment, targeting completion by the end of 2028.
