KARACHI: On Tuesday, the Pakistan stock market opened in bullish mood in the morning as KSE-100 Index reached near 46,000 mark. The main reason behind this was the energy and oil sector which remained in demand on the back of latest surge in oil prices. However, the concerns over COVID-19 vaccine and lock-downs kept investors selective in buying.
The Karachi Share Index (KSE-100) gained 176.55 points (0.39 per cent) after closing at 45,903.23 points against the previous closing of 45,726.68 points. The market went up to 45,982.77 points during intra-day trading, while recorded as low as 45,596.69 points.
Trading volume decreased to 491.78 million shares today as compared to 543.64 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 19.93 billion from Rs 21.65 billion in the previous session, the data said.
Brent oil prices have edged up slightly in spite of rising concerns that renewed COVID-19 pandemic lockdowns could affect global fuel consumption. Brent crude rose by $0.20, or 0.4%, to reach $54.95 a barrel by 03:51 GMT while US oil increased by $0.17, or 0.3%, to reach $52.19 a barrel,
Investors in the regional and international markets are expecting an improvement in demand and reduction in production by oil-producing nations will keep increasing the prices, analyst and traders said. Energy and oil stocks likely to stay in demand on the back of inventory gains and improved sales in coming months, they added. However, the concerns related to COVID-19 vaccine and its success keep the cap on prices in the current scenario.
The share price of Rafhan Maize increased by Rs 389.99 to Rs 9,989.99 while Nestle Pakistan gained Rs 145 to Rs 6,600.01. On the other hand, Colgate Palmolive lost Rs 50 today to close at Rs 3,100 while Sapphire Textile lost Rs 35 to close at Rs 1,014.99.