KARACHI: Pakistan’s stocks witnessed an increase of 235 points on Friday owing to improved sentiments following decline in crude oil prices.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,676 points as against previous day’s closing of 45,441 points, showing an increase of 235 points.
Analysts at Arif Habib Limited said that the market witnessed positive momentum along with improved trading volumes today due to decline in crude oil prices.
After the approval of two new bills by the Senate pertaining to the Gas Sector, “Oil and Gas Regulatory Authority (Amendment) Bill, 2022” and “Weighted Average Cost of Gas (WACOG) Bill” which led SNGP, SSGC, OGDC, PPL and PSO to close in the green zone.
In banking sector, Bank of Punjab (BOP) remained in the limelight as it announced financial result declaring 12.5 per cent bonus shares and earnings per share beating market expectations.
Sectors contributing to the performance include Banks (+47.4 points), Fertilizer (+36.3 points), OMC’s (+34.2 points), E&P (+31.6 points) and Cement (+28.3 points).
Volumes increased from 152.9 million shares to 194.1 million shares (+26.9 per cent DoD). Traded value decreased by 9.7 per cent to reach US$ 24.5 million as against US$ 27.2 million.
Stocks that contributed significantly to the volumes include BOP, SNBL, TELE, SNGP and KEL.