Karachi: Pakistan’s stock market opened on a bullish note with the support of positive news regarding power and energy sectors. Investors also rushed back to take positions following space created due to corrections last week. The KSE-100 index opened the day positively and reached up to 46,130.62 points with a jump of 262 points in the first five minutes of trade.
The Karachi Share Index (KSE-100) closed up by 219.60 points (0.48 per cent) after closing at 46,087.64 points against the previous closing of 45,868.04 points. The market went up to 46,189.43 points during intra-day trading, while recorded as low as 45,868.04 points.
The leading stocks were of power, energy, and banking were on gains as investors became busy in fresh buying.
Trading volume increased to 470.06 million shares today as compared to 430.6 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 21.046 billion from Rs 15.830 billion in the previous session, the data said.
News regarding the resolution of the circular debt issue between the government and Independent Power Producers (IPPs) along with the stability in policy rates by State Bank raised hopes for the market, they added.
Cement, engineering (steel), power and O&GMCs contributed positively to the index, in anticipation of better financial results of the outgoing quarter. Technology stocks also contributed positively to the index.
Scrips that have high weightage in futures contract subject to rollover traded in the positive zone, especially TRG and Netsol. Among scrips, KEL topped the volumes with 36.6 million shares, followed by UNITY (35.9 million) and TRG (29.8 million).
Stocks that contributed significantly to the volumes include KEL, UNITY, TRG, ANL and FFL, which formed 31% of total volumes.
Stocks that contributed positively to the index include TRG (+85pts), HUBC (+20pts), ANL (+17pts), UNITY (+17pts) and FFC (+17pts). Stocks that contributed negatively include HBL (-24pts), DAWH (-17pts), OGDC (-15pts), UBL (-13pts) and MEBL (-12pts).
The share of Pak Tobacco increased by Rs 48.24 to Rs 1,649.99 while Bhanero Tex gained Rs 43.90 to Rs 870. Similarly, Nestle Pakistan lost Rs 155 today to close at Rs 6,424. while Mari Petroleum lost Rs 17.89 to close at Rs 1,409.19.