Business
February 16, 2021
The capital market climbed 1.24 percent on Monday following fresh buying on positive vaccine developments, improving macroeconomic indicators and rising oil prices that spurred a rally in energy sector, dealers said.
Topline Securities in its market note said, “International oil prices continued with their uptrend as WTI stood above $60/barrel. Taking cue from international oil prices, the E&P sector closed up 2.4 percent, Oil Marketing Companies (OMCs) closed up 2.0 percent, while the refinery sector closed up 0.8 percent.”
Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index gained 1.24 percent or 567.23 points to close at 46,375.59 points level. KSE-30 shares index gained 1.27 percent or 242.61 points to close at 19,347.11 points level. As many as 405 scrips were active of which 246 advanced, 141 declined and 18 remained unchanged.
KARACHI: Stocks continued its northward journey on Wednesday as the KSE-100 index gained 353.29 points, or 0.76 per cent, to close at 46,934.
The index hit intraday high by 543 points which took it to 47,124 points, seen for the first time since April 2018.
The rally was powered by foreign buying of shares worth $2.62m, the bullishness in the global stock markets and rising trend in oil prices. The start of the vaccination drive and anticipation of healthy upcoming corporate results gave boost to investor sentiments.
The apparent thaw on the political front further put faith in the hearts of investors. Elsewhere, exports crossed $2bn-mark for fourth consecutive month mainly driven by double-digit growth in proceeds from textile and clothing sectors. Energy stocks supported the index as the government has signed agreements with IPPs to clear overdue payments.
Market watch: Stocks extend gains, end just shy of 47,000
Benchmark KSE-100 index rises 353.29 points to settle at 46,933.63
PHOTO: ONLINE
KARACHI:
The Pakistan Stock Exchange (PSX) continued its uptrend on Wednesday owing to overall optimism on the back of a host of positive triggers. Consequently, the KSE-100 index gained over 350 points and closed near the 47,000-point mark.
Encouraging cement sales data released on Tuesday, which showed a 16% year-on-year jump in dispatches during January 2021, triggered a rally in cement sector stocks and most of them closed with gains. The uptrend was further fuelled by a rise in global equity and oil markets.
Market watch: KSE-100 extends gains in turbulent session tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
LAHORE: An encouraging change has occurred in the textile sector, as for the first time the top exporter is from the apparel sector – a position normally enjoyed by basic textile.