KARACHI: Stocks remained up 2.7 percent Monday, as investors weighted agreement over UAE, Pakistan $6.2 billion bailout package, traders said.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed sharply higher led by oil, banking and auto scrips on strong earnings outlook.
“Investors weigh agreement over UAE, Pakistan $6.2 billion bailout package to support economic crises and Fitch solution findings speculating stability in Inflation and key SBP policy rate in FY 2018/19,” he said.
Surging global crude oil price and investor speculations ahead of yearend earnings announcements due later this week played a catalyst role in record higher close at PSX, Mehanti said.
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed higher 1,014.91 points or 2.70 percent to 38,562.40 points against 37,547.49 points recorded in the last session. The highest index of the day remained at 38,626.80 points while the lowest level of the day was recorded at 37,547.49 points.
KSE-30 Index also increased by 614.66 points or 3.49 percent to 18,209.23 points.
Turnover surged by 93 million shares to 157.10 million shares from 64.42 million shares. Trading value increased to Rs7.01 billion from Rs3.15 billion while market capital expanded to Rs7.82 trillion from Rs7.67 trillion. Out of 345 companies’ active in the session, 233 closed in green, 90 in red while 22 remained unchanged.
Highest increase was recorded in shares of Mari Petroleum, which rose Rs43.60 to Rs1,344.45 per share, followed by Siemens Pak XD that increased Rs22.79 to Rs824.99 per share. Major decline was noted in shares of Al-Ghazi Tractors, which fell Rs27.85 to Rs532.15 per share, followed by Shezan International that decreased Rs23.75 to Rs451.25 per share.
Significant turnover was recorded in stocks of K-Electric Ltd, TRG Pak Ltd, Lotte Chemical, Pak Elektron, Engro Polymer, WorldCall Telecom, Kohinoor Industries, Fauji Cement, Agritech Limited and Sui Northern Gas Pipelines Ltd.
Shares’ turnover in the future contracts rose to 50.14 million shares from 25.09 million shares traded in the previous session.