Reports of a major discovery of oil and gas at Domail-01 by Pakistan Oilfields Limited (POL) caused the KSE-100 index to rise by 103 points.
942bpd oil and 11mmcfd gas with their good yields are currently in their testing phase and are expected to have an Earning per Share impact of about Rs6/share. POL hit its maximum five per cent upper limit for the day, followed by PPL jumping up by 0.9 per cent.
Banking stocks were also in the limelight led by MCB gaining 1.2 per cent, followed by ABL which went up by 3.1 per cent as banks’ corporate tax rate remained unchanged at 35 per cent contrary to market rumors of an increase to 40 per cent.
The KSE 100 index closed at 12314.99 with a gain of 103.34 points and the total volume stood at 79,527,870 along with the total value of 6,437,190,886. The KSE-30 index gained 119.21 points to close at 11903.73, and the All Share index closed at an 8565.10 level after gaining 67.30 points.
A total of 153 scrips advanced, 113 declined and 93 remain unchanged out of a total of 359 scrips traded.The positive sentiment spilled into other energy sector’s scrips as well, resulting in healthy advancements.
The cement sector witnessed profit taking as sales figures for 11MFY11 proved to be disappointing. LOTPTA drew investor’s interest on the back of a recovery in primary margins.
As per market intelligence, gas supply at the new Engro plant has resumed and production may start within a week, which kept the scrip in the optimistic zone. Habib Metropolitan Financial Services Senior Investment Analyst Ltd. Salman Vidhani said “Volatility may remain the main stay benefiting the contrarians.”
KSE Market Capitalisation stood at Rs3,270.91 billion, that equals $38.06 billion, while KSE Future Volume turned out to be 6.14 million shares. KSE Future Value stood at Rs898.80 million along with a KSE Future Spread of 8.93 per cent.