Benchmark index rises 625.10 points to settle at 42,647.35
\nnews desk
\nKARACHI
\nInvestors\u2019 interest flared at the Pakistan Stock Exchange on Thursday, aided by the launch of Roshan Digital Account by Prime Minister Imran Khan, and the KSE-100 index went above 42,600 points.
\nThrough the Roshan Digital Account, expatriate Pakistanis would be able to invest in the country\u2019s stock market as well as government securities.
\nStable cutoff yields in the latest market treasury bills auction on Wednesday, coupled with partial recovery in global crude oil prices, lent further support to the bourse and encouraged investors to take fresh positions.
\nAs a result, oil sector stocks outshined other shares at the bourse and attracted modest investment.
\nIn addition to that, the Economic Coordination Committee\u2019s (ECC) decision to speed up the issuance of 5G licences to boost foreign direct investment cemented investors\u2019 confidence.
\nEarlier, trading began on a bullish note and the KSE-100 index marched on an upward trajectory for the rest of the day. A host of positive news flow prevented the market from falling in the negative zone and it ended the day with substantial gains.
\nAt close, the benchmark KSE-100 index recorded an increase of 625.10 points, or 1.49%, to settle at 42,647.35 points.
\nArif Habib Limited, in its report, stated that boisterous activity was witnessed at the bourse in response to the Roshan Digital Account for non-resident Pakistanis, which would facilitate investment by Pakistani diaspora in shares listed at the country\u2019s stock exchange as well as securities issued by the government.
\n\u201cActivity was seen across the board but was more pronounced in oil and gas marketing companies, exploration and production firms and banking sector,\u201d it said.
\nPSO traded near its upper circuit. Oil and Gas Development Company, Pakistan Petroleum and Pakistan Oilfields also responded positively to the uptick in international crude oil prices overnight.
\nFertiliser sector also enjoyed positive activity as a high court granted stay on the collection of gas infrastructure development cess (GIDC).
\nTechnology sector recorded trading volumes of 138.8 million shares, followed by transport firms (126.6 million) and banks (76.6 million), the report said.
\nJS Global analyst Maaz Mulla said bears were defeated as the benchmark index opened on a positive note and touched a high of +655 points as institutional participation was noted in the main board stocks.
\n\u201cThe market remained in the green throughout the day and closed at 42,647, up 625 points,\u201d he said. \u201cOverall volumes stood at 885 million shares while traded value was calculated at $163 million.\u201d
\nPakistan International Bulk Terminal (+4.3%), WorldCall Telecom (+2.2%), Hascol Petroleum (+0.2%) and Pakistan Telecommunication Company (0%) cumulatively contributed around 254 million shares to the total volumes.
\nMajor movers of the day were Lucky Cement (+3.3%), MCB (+3.6%), Hubco (+3%), Pakistan Petroleum (+3.3%), HBL (+1.5%) and Pakistan State Oil (+4%), which drove the index into the green zone.
\nPakistan Petroleum from the exploration and production sector gained ground on news of a good-sized gas discovery in Kalat.
\nBanking sector pushed the index up where MCB (+3.6%), Bank Alfalah (+4.1%), UBL (+0.7%), NBP (+1.7%) and HBL (+1.5%) moved up.
\nInvestors\u2019 interest was registered in the fertiliser sector where Fatima Fertiliser (+6.4%), Engro Fertilisers (+2.5%), Engro (+1.4%) and Fauji Fertiliser (+0.2%) gained ground.
\n\u201cGoing forward, we expect the market to continue the similar trend and recommend investors to see any upside as an opportunity to sell.
\nHowever, we recommend that any downside should be viewed as an opportunity to buy in cement, steel, consumer and banking sectors,\u201d the analyst said.
\nOverall, trading volumes rose to 885 million shares compared with Wednesday\u2019s tally of 707 million. The value of shares traded during the day was Rs27.2 billion.
\nShares of 448 companies were traded. At the end of the day, 284 stocks closed higher, 147 declined and 17 remained unchanged.
\nPakistan International Bulk Terminal was the volume leader with 122 million shares, gaining Rs0.56 to close at Rs13.7. It was followed by Hascol Petroleum with 48.1 million shares, gaining Rs0.05 to close at Rs21.21 and WorldCall Telecom with 42.9 million shares, gaining Rs0.03 to close at Rs1.39.
\nForeign institutional investors were net sellers of Rs31.4 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"
Benchmark index rises 625.10 points to settle at 42,647.35 news desk KARACHI Investors\u2019 interest flared at the Pakistan Stock Exchange on Thursday, aided by the launch of Roshan Digital Account by Prime Minister Imran Khan, and the KSE-100 index went above 42,600 points. Through the Roshan Digital Account, expatriate Pakistanis would be able to invest […]<\/p>\n","protected":false},"author":2,"featured_media":138258,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-143662","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n