During the last session of the trading, the KSE-100 index closed at 42,207.00 after gaining 159 points. This gain comes after SECP’s decision in which the brokers are now allowed to open digital accounts of residents and non-resident Pakistanis in the capital market.
The Karachi Share Index (KSE-100) went up by 159.28 points (0.38 per cent) after closing at 42,207.00 against the previous closing of 42,047.72 points. The market went up to 42,316.17 points during intra-day trading, while recorded as low as 42,047.72 points.
Trading volume slightly improved to 427.9 million shares today as compared to 420.3 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 18.151 billion from Rs 18.032 billion in the previous session, the data said.
The analysts believed that market traded range-bound today, although remained positive the entire session, but lacked the excitement from investor’s end to make a forward move.
The analysts believed that it is the impact of SECP’s decision to open online accounts of the customer with the brokers and the Capital Gain Tax (CGT). The analysts further said the recovery in global oil prices will result in inventory gains. Volumetric growth and margins revision is likely to boost earnings further. Oil and cement sector were in demand throughout this week as investors also bought their shares.
The analyst said that international crude oil prices increased after OPEC made the decision for a gradual increase in output in 2021. Oil and Gas marketing companies, cement sector stocks saw selling pressure on the concerns over political uncertainty as well as index correction after an increase of around 2800 points.
Stocks that contributed significantly to the volumes include TRG, PRL, PTC, ASL and KEL, which formed 32% of total volumes.
Stocks that contributed positively to the index include OGDC (+38pts), TRG (+26pts), UBL (+15pts), PPL (+12pts) and HMB (+11pts). Stocks that contributed negatively include FFC (-12pts), MTL (-11pts), SNGP (-8pts), PSO (-7pts) and EFERT (-6pts).