The Pakistan Stock Exchange has started the week on a positive note, with the benchmark KSE-100 index gaining 636.96 points, or 1.23 per cent, by the close of the trading session to reach 52,387.87.

Volumes were led by commercial banking stocks as the market was bolstered by the impending MSCI reclassification due early tomorrow.

147.88 million shares of indexed companies changed hands by the close of the session, with a total worth of nearly Rs17.6 billion.

"Stocks surged to new highs led by oil and banking scrips as investors bet over MSCI EM upgrade announcements and surging global equities on higher global crude prices," said Arif Habib Corp's Ahsan Mehanti.

"Pre-budget speculations in steel, cement sectors amid gains from CPEC projects, surging exports in textile sector and renewed hopes for economic growth on OBOR initiatives played a catalyst role in the record close," he added.

"Pakistan equities closed third consecutive session higher and at a new all-time high with oils along with and select index names leading the day's gains," read a note issued by Elixir Securities.

"The market opened gap up as index-heavy oils attracted attention from the word go after investors the world over cheered an extension in the supply cut agreement between Saudi Arabia and Russia," it added.

"The wider market followed suit and edged up, with notable sectors — including financials, cements, fertilizers and steels — finishing the day with modest gains as participants cherry-picked value plays with stocks that are candidates for inclusion in the MSCI Pakistan Index or the ones that stand to benefit most from CPEC and related infra-structure projects," it said.

Stocks of 399 companies were traded, of which 204 gained in value, 178 declined and 17 remained unchanged.

Volumes were led by:

  1. Engro Polymer: 35.9m shares traded [+2.20pc];

  2. Dost Steels Ltd: 19.5m shares traded [+7.58pc];

  3. Bank of PunjabXR: 12m shares traded [+0.36];

  4. K-Electric Ltd: 10.1m shares traded [-2.86pc]; and,

  5. Azgard Nine: 9.76m shares traded [+0.29pc].



Covid funds controversy
Updated 01 Dec 2021

Covid funds controversy

A COMPREHENSIVE and detailed report by the auditor general of Pakistan on the utilisation of Covid-19 funds by the...
01 Dec 2021

Sindh LG law

THE Sindh Local Government Act, 2013, introduced by the PPP to roll back the Musharraf-era local bodies system in ...
Monster of circular debt
Updated 01 Dec 2021

Monster of circular debt

The crisis facing the energy sector cannot be tackled sustainably without taming the many elephants in the room.
New Covid danger
30 Nov 2021

New Covid danger

The government’s messaging around the coronavirus and the potential threat of Omicron must be reactivated.
Updated 30 Nov 2021

Saudi conditions

DECADES of fiscal profligacy have trapped the country in a situation where it not only has to borrow more money to...
30 Nov 2021

Mental health concerns

THE economic and psychological effects of Covid-19, combined with the issues of joblessness and inflation, have had ...