Stocks rally on rising global energy prices
KARACHI: The shares market had a bullish run on Monday in anticipation of a further increase in international oil prices as well as a hike in the gas tariff by the regulator of the oil and gas sector.
Topline Securities said these expectations built a buying momentum across the board as investors took trading positions in the stocks of technology, fertiliser and energy sectors.
Arif Habib Ltd said the benchmark index of representative shares opened with optimistic sentiments because of the rumours about encouraging developments on budgetary reforms for 2023-24. Investors’ participation remained high, it added.
As a result, the KSE-100 index settled at 41,667.94 points, up 314.95 points or 0.76 per cent from the preceding session.
The overall trading volume increased 45.8pc to 145.2 million shares. The traded value went up 41.2pc to $16.5m on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (16.7m shares), Sui Northern Gas Pipelines Ltd (9.7m shares), Pakistan Petroleum Ltd (9.4m shares), Oil and Gas Development Company Ltd (8.4m shares) and Pakistan Refinery Ltd (5.7m shares).
Sectors contributing the most to the index performance were exploration and production (175 points), oil marketing companies (77.5 points), power generation and distribution (30.2 points), technology and communication (19 points) and chemical (17.4 points).
Companies registering the biggest increases in their share prices in absolute terms were Mari Petroleum Company Ltd (Rs31.25), Colgate-Palmolive Pakistan Ltd (Rs28.87), Siemens Pakistan Engineering Ltd (Rs19.62), Exide Pakistan Ltd (Rs19.16) and Pakistan Services Ltd (Rs16).
Companies that recorded the biggest declines in their share prices in absolute terms were Bata Pakistan Ltd (Rs63.50), Nestle Pakistan Ltd (Rs50.02), Premium Textile Mills Ltd (Rs29), Khyber Tobacco Company Ltd (Rs13.83) and Indus Dyeing and Manufacturing Company Ltd (Rs9.84).
Foreign investors were net buyers as they purchased shares worth $0.39m.
Published in Dawn, June 6th, 2023