OMCs lift index up by 209 points
KARACHI: Shares stormed ahead for the third consecutive session with the KSE-100 index up by 209 points (0.54 per cent) and closing seen at 38,836 points.
During the session, the benchmark breached the 39,000 level to hit day’s high at 39,125 but could not hold on due to late profit-booking.
The market opened with initial gains of 154 points mainly as the entire oil marketing companies (OMCs) sector turned green due to the investors’ frenzied buying on the back of Economic Coordination Committee’s approval for revision of petroleum product prices on fortnightly basis.
It provided investors with the reason to accumulate stocks in some other currently favourite sectors including exploration and production, cement, automobile and pharmaceuticals.
The index made intraday high by 497 points following which it succumbed to an intense selling pressure as investors indulged in anticipated profit-booking, keeping in view the rollover week of future contracts, the earnings season and the Eid holidays ahead.
Stocks tumbled in the banking, steel, chemical and fertiliser. In E&P, the sector closed 1pc higher with Oil and Gas Development Company, Pakistan Petroleum and Pakistan Oilfields ending as gainers. It closed in the positive as the oil in the international market rose after waving away demand concerns.
Cement sector made the highest contribution to the index upside by 62 points as institutions went for value buying. Mixed sentiment was witnessed in banks where MCB closed in the green whereas Habib and United finished in the red zone.
The volume increased 29pc over the earlier day to 508.3 million shares while the traded value also jumped 30pc to $126.3m which depicted investors’ continuous interest for equities. Leaders were K-Electric, Pak Elektron, TRG, Maple Leaf Cement, Pakistan International Bulk Terminal and Bank of Punjab.
Scrip-wise, key gainers were Hub Power, up 1.8pc, Lucky Cement 1.7pc, K-Electric 9.7pc, Pakistan Petroleum 1.3pc, Pakistan State Oil 1.6pc, Pakistan Oilfields 1.3pc and Cherat Cement 4.4pc.
Published in Dawn, July 30th, 2020