Stocks boosted rally rides in the crude-powered energy sector on Thursday, while the government’s decision provided further emotional support when most coronaviruses shut down business / industrial operations during the second wave of epidemics. Refrain
The benchmark KSE-100 shares index of Pakistan Stock Exchange (PSX) closed 1.62% or 653.49 points higher at 41,031.03 points, while the volume increased from 241.946 million to 389.193 million shares in the previous session.
In a daily market review, Topline Securities said the equations were maintained on Wednesday, mainly after Prime Minister Imran Khan’s statement that Pakistan should make every effort to avoid closing down factories and businesses due to the recent revival of Cove 19. Will
Brokerage said cement benefited the most in today’s trading session, where MLCF and PIOC closed at their respective upper circuits.
The KSE-30 index gained 1.64% or 278.41 points to close at 17,294.79 points.
Mohammad Saeed Khalid, head of research at Shajar Capital, said the boom could easily be attributed to the recovery of crude oil and positive updates from the COVID-19 vaccine front, while the second wave of uninterrupted economic activity. The government’s commitment to ensuring
Khalid added that the index touched an intra-day high of 750 points, up 1.90% intra-day.
AA Soomro, managing director of KASB Securities, said investors are making huge deposits in oil and pharmaceutical stocks, especially on strong fundamentals and recovery in crude oil prices.
He said that the Prime Minister’s stance on economic activity regarding anti-virus lockdown also encouraged investors to enter the market.
“Rising issues could pull short-term sellers back in the next few days. Basically, stocks are strong at low interest rates,” Soomro said.
Commercial activity was recorded in 405 active scripts, of which 304 developed, 74 lost, and 27 unchanged.
Mutual funds are a major buyer, raising fresh money in equity funds, while strong global oil and gas prices have seen strong interest behind strong global prices, said Opites Ahsan, CEO, Optimus Capital Management. Vaccine expectations are currently rising.
Ahsan added, “Even in the cement sector, huge amounts and benefits have been seen on the assurance of Prime Minister Imran Khan that there will be no lockdown in economic activities.”
Ahsan Mahanti, an analyst at Arif Habib Corporation, said the CPI (Consumer Price Index) for November 2020 continues to rise amid rising crude oil prices, global equities and speculation about inflation.
“Reports of Roshan Pakistan Digital Accounts, SBP’s stagnation rate and receipts of more than 100 100 million in rupee recovery accelerated the rally,” Mahanti added.
Rafhan Maize closed at Rs 80,000 / share with an increase of Rs 98 and Indus Diving closed at Rs 532.89 / share with an increase of Rs 36.97, which was the biggest gainer, while Jazira Textile fell by Rs 125 to Rs 1,600 / share. Closed, and Philip Morris Pakistan closed at Rs. 1,465 / -, down Rs. 33.99, the biggest drop.
Unity Foods Ltd led the volume with 50,024 million shares, ending at Rs 24.84 / share with an increase of Rs 1.65, while Fuji Fertilizer Bin was at the bottom of the business with 9.563 million, up 0.66. Shares ended at Rs 20.48. / Share.