KARACHI
Stocks on Monday closed bullish amid falling bond yields and rising crude prices. The bench mark KSE-100 index posted a gain of 580.86 points (up 1.8 %) to close above the 33,000 threshold.
Local market was positive today as investor confidence improved with rising international oil prices and positive foreign investor activity at the bourse, brokers said. Traded volume increased 35% to 203mn shares and traded value increased 40% to Rs12bn.
Investor interest continued in cement sector stocks and foreign flows in the same added impetus to the uptrend. Maple Leaf Cement (MLCF) increased 3.5%, Lucky Cement (LUCK) rose 2.4% while D.G. Khan Cement (DGKC) and Fauji Cement Company (FCCL) were 1.7% up respectively today.
Stocks of oil exploration companies were also in the green as international oil prices recovered. Resultantly, Pakistan Oilfields (POL), Oil & Gas Development Company (OGDC) and Pakistan Petroleum (PPL) increased 3.0-3.8%. Positive sentiments helped Sui Southern Gas Company (SSGC) to close at its upper limit today (up 5%), stated dealers at major brokerage.
Strong earnings, high cement dispatches data for Feb’16, renewed foreign interest in blue chip scrips and speculations ahead of SBP policy rate announcements next week played a catalyst role in bullish activity at PSX, observed analyst Ahsan Mehanti.
Jah.Sidd.Co emerged as volume leader in market with traded volume 14.7 mn shares, followed by TRG Pak with 14.5mn and PTCL with 10.7 mn shares were in spotlight.