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Stocks rally 464 points despite low volume

Stocks rally 464 points despite low volume

KARACHI: The Pakistan Stock Exchange’s benchmark KSE-100 index rebounded on Monday gaining 463.99 points, or 1.47 per cent, to close at 31,928.15 in line with global equity markets.

China’s central bank fixed the yuan at a much stronger rate, sending out a signal that it was committed to a stable currency and that helped boost investor sentiments.

Traded volume decreased by 26pc to 89.2 million shares and value declined by 18.5pc to Rs5.8 billion.

Except the OGDC and DGKC, other volume leaders were small-cap stocks.

Foreigners sold $2.93m worth shares, taking the year-to-date cumulative outflow at $72.15m.

Ahmed Saeed Khan, analyst at JS Global, observed that the major index movers were OGDC, PPL and POL as international crude prices showed a recovery.

The textile sector gained, led by NML 1.67pc and NCL 1.94pc, as the prime minister approved zero-rated tax regime for the export sector.

The rally was broad based with energy, cements, banks, multi-utilities, consumer staples and fertilisers pushing the index up.

Major contribution came from HBL, PPL, OGDC, DGKC and ENGRO which together added 212 points to the KSE-100 index.

Pakistan Petroleum increased 4.8pc, Pakistan Oilfields 3.84pc, Oil and Gas Development Company 2.9pc and Habib Bank 3.4pc.

“The banks once again played a supportive role after a negative investor sentiment faced during the last week, as Habib Bank Ltd rose 3.43pc contributing 76 points to the index while Muslim Commercial Bank gained 1.01pc, United Bank 1.07pc and Allied Bank Ltd 2.12pc cumulatively added 37 points to the benchmark index,” dealers at Global Securities calculated.

Courtesy : Dawn News



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