KARACHI: Pakistan’s benchmark KSE-100 Index managed to recover some of the losses from previous sessions. The support from news regarding the continuation of support for Pakistan from the United States and expectations of construction activity improved investors’ interest in banking and cement stocks.
The Karachi Share Index (KSE-100) gained 84.91 points (0.18 per cent) after closing at 46,227.65 points against the previous closing of 46,142.74 points. The market went as high as 46,378.40 points during intra-day trading, while recorded as low as 46,116.57 points.
Trading volume increased to 694.8 million shares today as compared to 577.95 million traded in the previous session, according to PSX website data. The daily traded value also increased to Rs 24.2 billion from Rs 23.2 billion in the previous session, the data said.
Traders ad analyst said that the news regarding the extension in financial assistance by the United States for Pakistan supported market sentiments. The expectations of improved economic activity and construction going forward pulled cement stocks back in limelight. However, the fresh fall in international oil prices capped the gains as heavyweight oil stocks went into selling pressure.
Oil prices fell from recent highs for a second day on Friday as Texas energy firms began to prepare for restarting oil and gas fields shuttered by freezing weather.
Brent crude futures were down $1.16, or 1.8%, to $62.77 per barrel, by 1150 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.42, or 2.4%, to $59.10 a barrel.
USAID Mission Director Julie Koenan in a virtual meeting in Islamabad assured continued US economic assistance to Pakistan. Minister for Economic Affairs Makhdum Khusro Bakhtyar appreciated the $4.2 billion support the United States has been providing under Pakistan Enhanced Partnership Agreement (PEPA) since 2010.
The share price of Millat Tractors increased by Rs 90.56 to Rs 1,298.14 while Nestle Pakistan gained Rs 78.45 to Rs 6,200. On the other hand, Rafan Maize lost Rs 385 today to close at Rs 10,100 while Bata Pakistan lost Rs 38.58 to close at Rs 1,799.42.