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Oil scrips lead index to a buoyant close

KARACHI: The KSE-100 index gained 207.19 points (0.43 per cent) to close at 48,457.26 as investors threw caution to the wind over the Panamagate case verdict. The sentiments were buoyed by the notification of stakeholders’ consultations from Friday on the refurbished financing product.

Market participation improved considerably with the traded volume and the value both surging 48pc over the earlier session to 218m shares and Rs11.2 billion respectively, but they remained well below the year-to-date average daily volume and value of 327m shares and Rs16bn.

ASL, TRG and EPCL saw trading in 54m shares out of the total volume of 218m shares.

The increase in international oil prices provided confidence to buyers. Surge in crude oil prices continued to garner investor interest in the E&P sector as WTI hovered around $53.60 per barrel due to possible extension of supply cut agreement by Opec and non-Opec members.

Major gainers in the sector were OGDC up 0.83pc, POL 1.36pc and PPL 1.76pc.

SNGP and SSGC rose 2.99pc and 2.28pc, respectively, on the back of news that the government has lifted eight-year moratorium on new gas connections to all categories.

FFBL rose by 4.3pc likely due to expectations of strong DAP off-take figures in March. Interest was seen in PIBTL which was up 4.5pc probably in anticipation of the project achieving commercial operations soon.

NRL hit its upper limit of 5pc as Gross Refining Margins improved in March.

Major contribution to the index rise came from PPL which rose 2.06pc, MARI 2.97pc, NBP 3.18pc and HASCOL 5pc adding 107 points. On the flip side, losers were LUCK which fell 1.07pc, HBL 0.55pc and ENGRO 0.85pc taking away 59 points.

Courtesy : Dawn News

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