Stock market index rallies by 294 points

KARACHI – Pakistan Stock Exchange’s benchmark KSE 100-index remained positive in Wednesday’s trading session and it made an intra-day high of 360 points to finally settle at 38,820 points, gaining 295 points.

Stability in Pakistani Rupee along with value buying led to the gains. Some resolutions on political front were in sight when Prime Minister would return from Turkey & address issues pertaining to Fata reforms during Friday’s meeting between the Prime Minister and parliamentary leaders, said dealer at Topline Securities.

Sui companies recovered as SNGP (up 4.4%) & SSGC (3.6%) gained on news that OGRA proposals are not indicative of future profits.

Top index point leaders were MCB (up 2.6%), EFERT (3.4%), ENGRO (1.6%), SNGP (4.4%) & DAWH (2.4%), adding 134 points to the index, while stocks including OGDC (down 1.2%), UBL (0.7%), HBL (0.4%), JDWS (5%) & ISL (1.9%) withheld 62 points from the index.

On the sector front, fertilizer added 93 points, commercial banks added 46 points, oil & gas marketing companies added 34 points, & cements 29 points. On the flip side, oil & gas exploration companies took away 29 points, sugar fell 8 points & engineering was down 6 points.

E&Ps, POL (down 0.1%) and PPL (0.1%) and OGDC (1.2%) declined despite Crude prices settled higher amid speculation on a sizable decline in US oil supplies ahead of data, said analyst at JS Global. 

Moreover, investors interest was seen in ENGRO (up 1.6%) & SSGC (up 3.6%) as Engro Elengy Terminal Private Limited (EETPL) signed an LNG Supply Agreement (LSA) with Sui Southern Gas Company (SSGC).

Furthermore, interest was seen in IPPs where HUBC (up 0.3%), KAPCO (up 1.1%), closed high on the back of the news that the Senate standing committee on finance has directed the Power Division to resolve the issue of the payment of Rs32.45 billion to the IPPs.



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