KARACHI: Pakistan Stock Exchange (PSX) managed to extend recovery for the third day as the petrol price increase by the government triggered a rally in all oil marketing companies and energy stocks. The positive news from the macroeconomic front also helped the market to gain investors’ confidence.
The Karachi Share Index (KSE-100) ended the day 444.55 points (0.94 per cent) up at 47,800.57 points against the previous closing of 47,356.02 points. The market went as high as 47,843.47 points during intra-day trading, while it recorded as low as 47,356.02 points.
Trading volumes moved up to 760 million shares today as compared to 549.66 million shares during the previous trading day, while the daily traded value inched up to Rs16.25 billion from Rs15.88 billion in the previous session, the data said.
After the bearish trend witnessed last week and early this week the prices were already at attractive levels for buying, while the rally in oil marketing companies added to the support for the market today, traders and analysts said. The fuel price rise added investors’ interest in these companies due to expected inventory gains, they added.
On Wednesday, the government approved Rs2 increase in the price of petrol, dismissing OGRA’s recommendation of a Rs6.05 hike.
Gill said that the Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs6.05, but Prime Minister Imran Khan rejected it, instead approving an increase of Rs2 per litre for petrol.The premier’s aide said that the recommended increase by OGRA was in accordance with a rise in fuel prices in the international market.
Meanwhile, according to the reports The Federal Board of Revenue (FBR) went over its tax collection target of Rs 4,691 billion for fiscal year 2020-21 and managed to collect Rs 4,725 billion. Tax collections increased by 18.2 per cent during the Financial Year 2020-21, FBR sources said. Last year, the FBR had collected revenue of Rs3,997
The share price of Unilever Foods increased by Rs616.25 to Rs16,990, while Colgate Palmolive gained Rs144.97 to Rs2,644.97. On the other hand, Wyeth Pakistan Limited lost Rs43.55 today to close at Rs2,085.44 while Bata Pakistan lost Rs42.13 to close at Rs1,672.27.