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KARACHI: Stocks extended the bullish spell on Friday with the KSE-100 index recording gains of 164.56 points (0.39 per cent) to settle at 42,470.40.
The index made intra-day high by 322 points. Although select stocks on the technology and refinery sectors continued to show price flare up, the exploration & production sector also saw substantial rise in the stock price on reports of international prices of WTI crude increasing by 4pc. Brent also crossed $50 per barrel for the first time since March.
The market was restrained from taking a big leap forward on account of the uncertainty relating to the opposition’s demonstration against the government in Lahore on upcoming Sunday. Most investors were worried that with both sides taking the cudgels, the event had the propensity of turnings into a sordid affair. There was not the least concerns over the growing Covid-19 virus cases in the country.
On the positive side, the rupee turned strong. Foreign exchange reserves rose by $188 million to $13.29 billion. According to the State Bank of Pakistan (SBP), overseas Pakistani have remitted $7.7m, highest-ever daily amount into the Roshan Digit Account on Nov 9.
Analyst Ahsan Mehanti said that the stocks closed bullish amid record trades led by selected scrips across the board as investors’ sentiments improved over the upbeat data on remittances; Moody’s upgrade on longer term FC deposit ratings of Pakistan blue chip banks and the Asian Development Bank report affirming economic recovery.
Volumes increased from 472.3m shares to 557.6m shares (up 18pc day-on-day). Traded value also increased by 24pc to reach $149.3m as against $120.6m.
Volume leaders had the Pakistan Refinery Ltd on top slot with 84.7m shares changing hands. Major contribution to the index upside came from Mari Petroleum Ltd, Pakistan Petroleum Ltd, Pakistan Oilfields Ltd, Lucky Cement, Azgard Nine Ltd and Hub Power Company Ltd.
Banking sector stocks showed persistent interest from investors, especially in the Habib Bank Ltd and National Bank of Pakistan. Among cement sector stocks, Lucky Cement performed relatively better in comparison with its peers.