KARACHI: The stock market witnessed a positive momentum on Thursday as investors welcomed a decline in international oil prices and expected better financial results in cement stocks, according to Arif Habib Ltd.

In addition, investors seemed to believe that the ongoing political stalemate will end with the vote of no-confidence ousting the prime minister on April 3, said Standard Capital Securities Ltd.

The latest rollover of Chinese debt constituted “much-needed relief” to the beleaguered economic managers at a time of political crisis, the brokerage added.

As a result, the KSE-100 index settled at 44,928.83 points, up 591.27 points or 1.33 per cent from a day ago.

The trading volume increased 20.8pc to 415.6 million shares while the traded value went up 24.4pc to $52.7m on a day-on-day basis.

Sectors that contributed the highest number of points to the benchmark index included technology and communication (118.24 points), fertiliser (87.08 points), commercial banking (67.66 points), cement (41.03 points) and food and personal care (36.47 points).

Stocks contributing significantly to the traded volume included K-Electric Ltd (56m shares), Treet Corporation Ltd (34.45m shares), TeleCard Ltd (27.29m shares), Ghani Global Holdings Ltd (26.21m shares) and Agritech Ltd (19.84m shares).

Stocks that contributed the maximum number of points to the index included Systems Ltd (92.3 points), Fauji Fertiliser Company Ltd (33.59 points), Engro Corporation Ltd (27.13 points), Engro Polymer and Chemicals Ltd (25.9 points) and MCB Bank Ltd (21.66 points).

Shares contributing most negatively to the index included Habib Bank Ltd (13.07 points), United Bank Ltd (6.42 points), The Hub Power Company Ltd (2.65 points), Pakistan Petroleum Ltd (2.31 points) and Atlas Honda Ltd (0.92 points).

Stocks that recorded the biggest increases in percentage terms were Yousaf Weaving Mills Ltd (11.05pc), Azgard Nine Ltd (8.33pc), Systems Ltd (6.32pc), Nestle Pakistan Ltd (5.85pc) and Engro Polymer and Chemicals Ltd (5.21pc).

Foreign investors were net sellers as they offloaded shares worth $3.82m.

Published in Dawn, April 1st, 2022