KARACHI - Pakistan Stock Exchange set new record on Thursday, ahead of announcement of corporate results. The 100-share index closed at 41,412.04 points after gaining 8.07 points.
Trade remained higher amid gains from CPEC projects in the banking, steel and cements sectors. Weak global equities invited late session pressure. Institutional support in oil, cement and auto stocks after visit of US delegation at PSX played a catalyst role in positive close, said analyst Ahsan Mehanti.
Both the gas utilities SNGPL (down 4.38%) and SSGC (5%) lost value to close in the red zone as OGRA clarified that it had not proposed any increase in gas prices contrary to news published earlier this week.
MEBL (3.38%) gained on the back of news that Pak China Investment Company Ltd (PCICL) and MEBL have entered into a strategic alliance for promotion of bilateral trade and investment between Pakistan and China.
Both the financial institutions committed to facilitate businesses of both the countries undertaking strategic projects especially those that are part of China Pakistan Economic Corridor (CPEC).
OGDC (0.2%), POL (1.48%) and PPL (0.24%) in the E&P sector closed marginally higher than their previous day’s close as crude oil prices traded above $50 for most part of the day amid statements by President Vladimir and Saudi Arabia’s Energy Minster that gave indication that cut in production level will drive increase in crude oil prices going forward, observed analyst Nabeel Haroon.
Volumes stood at 363m shares, while traded value was Rs12.7b/$141m. BOP was yesterday’s volume leader with 33m shares, where the banking company closed (4.41%) higher from its previous day’s close.
Auto stocks rallied on the back of depreciating Yen. PSMC, HCAR & INDU closed at their upper limits of 5%, dealers said.
