Stocks add 109 points in volatile trade

KARACHI: The Pakistan Stock Exchange (PSX) turned volatile on Wednesday, with the benchmark index losing most of the points accumulated earlier in the day to end with minor gains.

Global equity markets also showed a positive trend (US and Indian markets hitting record highs), whereas crude oil prices continued with its northward journey; WTI crude price appreciating 0.15pc to $47.69 while Brent crude price rising 0.14pc to $50.84.

“Exploration & production and fertilizer sectors took charge of the index after yesterday’s profit booking; E&P reacted positively to the increase in international oil prices, while fertilizers took cue from the recent uptick in urea offtake,” a report issued by Arif Habib Ltd read. “However, cement, technology and refinery stocks, which have been the major contributors to the index off late, saw consistent profit booking, keeping the movement of the bourse in check.”

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The benchmark KSE-100 Index swayed both ways on Wednesday, touching its intraday low at 43,183.77 (-67.07 points) and high at 43,556.06 (+305.22 points). It finally ended higher by 109.35 points at 43,360.19.

Among other indices, the KMI-30 Index gathered 390.67 points to close at 70,715.13, while the KSE All Share Index added 65.02 points, settling at 30,378.97.

The overall market volumes plunged from 702.12 million shares in the previous session to 433.00 million shares (-38pc). Average traded value also declined by 27pc, from $182.5 million to $133.3 million. TRG Pakistan Ltd (TRG +0.54pc), Pakistan Refinery Ltd (PRL -1.36pc) and Hascol Petroleum Ltd (HASCOL -3.44pc) led the volume chart, exchanging 29.14 million, 28.20 million and 22.89 million shares, respectively.

Sectors that kept the benchmark index afloat included oil & gas exploration (+90.92 points), technology & communication (+50.19 points) and fertilizer (+49.69 points). Among the companies, Oil and Gas Development Company Ltd (OGDC +57.16 points), Systems Ltd (SYS +48.31 points) and Engro Corporation Ltd (ENGRO +39.17 points) remained the top contributors.

Adding 2.10pc to its total market capitalization, the oil & gas exploration sector ended as the session’s top performer, with OGDC (+3.56pc), Pakistan Oilfields Limited (POL +0.48pc) and Pak Petroleum Ltd (PPL +1.92pc) all closed positive.

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