The Pakistan stock market continued its upward journey with positive news and prices adjustments from previous day corrections. The benchmark Karachi Stock-100 index managed to consolidate and close above the 46,500 points mark.
The Karachi Share Index (KSE-100) gained 331.89 points (0.72 per cent) after closing at 46,580.34 points against the previous closing of 46,248.45 points. The market went as high as 46,643.85 points during intra-day trading, while recording a low of 46,248.45 points.
The trading volume declined to 468.06 million shares today as compared to 693.6 million traded in the previous session, according to PSX website data. The daily traded value also declined to Rs 23.26 billion from Rs 30.53 billion in the previous session, the data said.
The bulls got strong support by the positive news flow that seems to consolidate the index above the 46,500 points mark this week, traders and analysts said.
The improvement in exports above target tax collection and the arrival of the COVID-19 vaccine added to the confidence of the investors. The energy and oil stocks were also up due to the current increase in oil prices in the international market.
Commerce adviser Abdul Razak Dawood in a statement on Monday said that Pakistan’s exports had maintained growth and for the first time in eight years have crossed the $2 billion mark for four consecutive months.
Pakistan’s exports grew for the fifth consecutive month in January to $2.14 billion, up to 8% from $1.98bn in the corresponding month last year, data released by the Ministry of Commerce (MoC) showed.
Dawood said that Pakistani exporters have achieved this feat despite difficulties created by the COVID-19 pandemic, regional export situation and contraction in major markets.
Oil prices rose around 1% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains for a market thrown out of kilter by weak demand during the coronavirus pandemic.
Brent crude was up 48 cents, or 0.9%, at $56.83 a barrel by 0754 GMT, its third straight day of gains. US oil gained 52 cents, or 1%, to $54.07. Both contracts rose more than 2% in the previous session.
The share price of Rafhan Maize increased by Rs 90.50 to Rs 10,185 while Indus Dyeing gained Rs 42.69 to Rs 611.99. On the other hand, Sapphire Textile lost Rs 81.89 today to close at Rs 1,010.10 while Sanofi-Aventis lost Rs 37.17 to close at Rs 760.72.