KARACHI: The KSE 100-share index continued to rise on Tuesday as value-seeking equities investors kept the stock market optimistic.
According to Arif Habib Corporation’s Ahsan Mehanti, news of a significant hydrocarbon discovery sparked substantial purchasing activity in oil and banking scrips.
The PSX was notified by Oil and Gas Development Company Ltd that hydrocarbon reserves had been found at the Togh-02 well in Kohat, Khyber Pakhtunkhwa.
In the meantime, the national carrier’s restructuring and divestiture were approved by the board of Pakistan International Airlines Corporation during a meeting.
According to Mr. Mehanti, the optimistic close at the PSX was influenced by rising global equities, the rupee’s stability, and rising global crude oil prices.
The index showed erratic behavior during the day, with intraday highs and lows recorded at 65,990 and 65,493 points, respectively, according to Topline Securities Ltd.
With the combined contributions of Fauji Fertilizer Company, Meezan Bank Ltd, United Bank Ltd, Lucky Cement, and Engro Corporation, the banking, cement, and fertiliser industries added 305 points to the index. On the other hand, MCB Bank, Bank AlFalah Ltd., and Engro Fertilizers eliminated 51 points.
The KSE-100 index thus closed at 65,906.28 points, up 380.63 points, or 0.58 percent, from the previous session.
The total trading volume was 303.71 million shares, growing by 16.27 percent. On a daily basis, the transacted value increased by 35.01 percent to Rs12.07 billion.
Pakistan International Airlines Corporation (30.29 million shares), Pakistan Telecommunication Company Ltd (28.14 million shares), National Bank Ltd (21.03 million shares), Oil and Gas Development Company Ltd (20.90 million shares), and WorldCall Telecom (11.81 million shares) were among the stocks that made up a substantial portion of the traded volume.
Rafhan Maize Products Company Ltd (Rs89.89), Sapphire Fibres Ltd (Rs87.50), Pakistan Services Ltd (Rs51.50), Shahmurad Sugar Mills Ltd (Rs30.74), and Blessed Textile Mills Ltd (Rs11.00) were the shares showing the largest rises in their share prices in absolute terms.
The companies that saw the largest declines in share prices in absolute terms were Philip Morris (Rs25.00), Mehmood Textile Mills Ltd (Rs12.86), Pakistan Hotels Developers Ltd (Rs5.00), Archroma Pakistan Ltd (Rs4.00), and Bata Pakistan Ltd (Rs37.17).
Foreign purchasers continued to be net buyers as they purchased $1.29 million worth of shares.
