KARACHI: The Pakistani stocks gained 261.73 points closing up owing to some demand from investors in the stocks of cement, oil and banking sectors.
The Karachi share index (KSE-100) went up by 261.73 points (0.64 percent) after closing at 41,068.82 against the previous closing of 40,807.09 points. The market went up by 41,669.85 points intraday trading and recorded as low as 40,807.09 points.
Trading volume slightly went down to 388.5 million shares today as compared to 397.7 million traded in the previous session, according to PSX website data.
The daily traded value increased to Rs 14.061 billion from Rs 13.160 billion in the previous session, the data said some brokers have bought a huge quantity of Hum Network shares today. The total turnover of the Hum Network is 88.662 million shares.
According to the analysts, the coronavirus cases are on decline for last three days throughout the country, while there was good news from the inflation side as its figure is also declining. The analyst expects inflation for November 2020 to arrive at 8.2% YoY mainly due to food inflation including cooked food and clothing index.
The analysts said that the market opened on a negative note with -24 points and slipped a total of 137 points during the session. Later the banking sector supports the stocks and drove the index to recover the intraday loss and put together an increase of 308 points.
Resultantly, MCB among banking sector and OGDC, PPL among E&P sector saw brisk activity. PSO also reacted to the prospect of share swap arrangement as proposed by the Petroleum Division to settle circular debt among public sector entities in the energy chain.
Although, international crude oil prices were down on the concerns of OPEC+ meeting scheduled for tomorrow, where deferment of oil supply till quarter 1, 2021 will be taken.
Among scrips, HUMNL topped the volumes with 88.5M shares, followed by TRG (31.7M) and PRL (24.7M).
Stocks that contributed significantly to the volumes include HUMNL, TRG, PRL, KEL and UNITY, which formed 47% of total volumes.
Stocks that contributed positively to the index include TRG (+49pts), PSO (+39pts), MCB (+22pts), UBL (+20pts) and LUCK (+20pts). Stocks that contributed negatively include BAHL (-16pts), ENGRO (-16pts), PAKT (-11pts), FFC (-11pts) and KEL (-7pts).