Pakistan Stock Exchange breaches 33k-point barrier

The Pakistan Stock Exchange (PSX) broke the psychological barrier of 33,000 points on Monday for the first time since January 7, 2016 as investors took keen interest in oil stocks in the wake of rising international oil prices.

The Pakistan Stock Exchange's (PSX) benchmark KSE 100-Index skyrocketed by 1.79 % or 580.86 points to 33,022.60 points on Monday when compared with 32,441.74 points reported on Friday. During the nine-day bullish rally, the main index has piled on 2,458.10 points from 30,564.50 on Feb. 23 to 33,022.60 points on March 7.

The KSE All Share Index jumped by 1.62 percent or 361.08 points to 22,628.04 points, the KSE 30-Index augmented by 2.24 percent or 429.92 points to 19,600.42 points, the KMI 30-Index elevated by 2.16 percent or 1,216.13 points to 57,514 points, whereas the Islamic All Share Index gained 1.69 % or 256.60 points to 15,479.22 points on Monday.

During Monday's trading session, the main index moved in a broad range of 588.55 points as it scaled an intraday high of 33,030.29 points as against an intraday low of 32,441.74 points.

Investors gained confidence with international oil price rising which resulted in a buying spree in other sectors including cement. Continuous foreign inflows in cement sector helped Maple Leaf Cement (MLCF), Dera Ghazi Khan Cement (DGKC), and Fauji Cement Limited (FCCL) to close up 3.5 %, 1.64 %, and 1.93 %, respectively.

Oil prices continued to rise internationally which led gain in Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company (OGDC) by 2.31 %, 3.62 %, and 3.25 %, respectively.

Market volumes surged by 35.09 % or 52.763 m shares to 203.118 m shares on Monday when compared with 150.354 m shares recorded on Friday.

Market capitalization increased by 1.78 % or 120.809 bn rupees (1.184 bn $) to 6.916 trn rupees (67.812bn$) whereas trade value swelled by 39.32 % or 3.381 bn rupees (33.151 m$) to 11.98 billion rupees (117.458 m$ ).

Among 364 active scrips on Monday, prices of 250 issues advanced, 82 declined, whereas values of 32 other companies stayed unchanged at previous week's level.

Jahangir Siddiqui Company Limited, TRG Pakistan Limited, and Pakistan Telecommunication Company Limited were the top traded companies with turnovers of 14.761 m shares, 14.568 m shares, and 10.735 m shares, respectively.

Nestle Pakistan was the top price gainer with increment of 95 rupees (93.14 cents) to 6,800 rupees (66.66 $) while on the flip side Wyeth Pakistan Limited led the major price shedders with decrement of 60 rupees (58.82 cents) to 1,750 rupees (17.15 $).

Source: Xinhua