KARACHI: Pakistan’s Equity Market rose today, with the local bourse, recording a 28- month high with oil scrips distinguished in the bull-run. The benchmark KSE-100 increased by 240 points to close at the 11,206 level.
The local bourse was electrified and recovered to the 11000 benchmark, with the KSE-100 index closed at 11205.84 after gaining 239.84 points, while KSE 30 index closed at 10837.18 after gaining 240.72 points. The share index closed at 7793.49 after gaining 161.15 points.
Investor’s interest in OGDC, that commands quarter of the KSE-100 market capitalisation, pushed the market upward as the scrip came close to hit upper circuit breaker.
A surge in global commodity prices, in particular crude oil, has triggered a buying frenzy in energy sector stocks, whilst momentum developed across the board.
However inflationary pressure, debt overhang and dreary economic recovery continue to dilute the optimism of market participant despite liquidity.
OGDC gained 4.2 percent, amid indications that gas production from Qadirpur has increased, as the installation of the compression facility nears completion.
POL and PPL rose by 5 percent and 4.2 percent respectively, on the back of the discovery in Makori East last week. Volumes remained sluggish, with only 113m shares traded, as investors preferred to remain inactive after a long weekend and the slump in international market. JSCL and LOTPTA topped the volume charts with 10.1m shares and 9.3m shares, respectively.
Constricted volume of 113mn shares during today’s session failed to complement positive price action JSCL led the volume leader’s board followed by LOTPTA.
Bellwether scrip including POL, NBP, HUBC and LUCK were also strong performers. OGDC, POL and PPL led the advancements at local bourse by far while the banking sector scrips mocked KSE100 index. FFC and KAPCO failed to draw investor’s interest, albeit closing in the green zone.
Rumours of renewed buying interest on the part of financial groups and off shore participants in leading cement and banking sector stocks provided short-term trading activity to the day traders, while strength and quality turnover allowed corporate participants varied hedging options. Threat from the monetary policy and various economic and financial fronts was undiminished and restricted trading.
