KARACHI: Pakistan’s stock market opened in a bullish mood in the morning as investors initiated fresh buying on attractive levels. Energy and oil sector stocks came back in the limelight due to of latest surge in oil prices in the international market to 14 months high.
The Karachi Share Index (KSE-100) gained 558.81 points (1.23 per cent) after closing at 45,837.35 points against the previous closing of 45,278.54 points. The market went up to 46,947.11 points during intra-day trading while recorded as low as 45,166.50 points.
According to PSX website data, trading volume declined to 317.2 million shares today compared to 441.49 million traded in the previous session. The daily traded value declined to Rs 15.94 billion from Rs 21.23 billion in the previous session, the data said.
The sharp fall yesterday seems to be panic-driven, leading the prices to very discounted and attractive levels for investors. That supported fresh buying today, traders and analysts said. While the activity in oil and energy stocks was fueled by a jump in oil prices in international markets today, they added.
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.
Brent crude futures were up $1.52, or 2.3%, at $68.26 a barrel by 1008 GMT, and US West Texas Intermediate (WTI) crude futures climbed $1.30, or 2%, to $65.13 as both remained on track for weekly gains. The share price of Rafan Maize increased by Rs 200 to Rs 10,200, while Sunrays Textile gained Rs 73.01 to Rs 1,147.59. On the other hand, Colgate Palmolive lost Rs 100 today to close at Rs 2,800, while Sapphire Textile lost Rs 79.65 to close at Rs 982.35.