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Pakistan's PSX stays bullish after Saudi-Russia oil output deal

Xinhua, April 13, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) recorded bullish trade along with Asian equity markets on Wednesday after reports emerged that Saudi Arabia and Russia have struck a deal to limit out production but overall trading mood remained dull owing to lack of participation by local investors.

The Pakistan Stock Exchange's benchmark KSE 100-Index elevated 0.09 percent or 29.20 points to 33,646.10 points on Wednesday when compared with 33,616.90 points recorded on Tuesday.

The KSE All Share Index bucked the trend with decline of 0.32 percent or 73.40 points to 23,109.74 points, the KSE 30-Index swelled by 0.16 percent or 30.68 points to 19,516.77 points, the KMI 30-Index gained 0.08 percent or 45.59 points to 59,329.84 points, whereas the Islamic All Share Index fell by 0.11 percent or 17.35 points to 15,851.81 points.

During Wednesday's trading session, the main index moved in a narrow range of 313.72 points as it touched an intraday high of 33,785.64 points as against an intraday low of 33,471.92 points.

Robust trade data from China and Saudi-Russia deal injected the much-needed optimism. The news of oil output freeze not only helped the international crude oil to bolster but also led an Asian stocks rally.

Consolidation was observed in some cement companies including Dera Ghazi Khan Cement (DGKC) and Maple Leaf Cement (MLCF) which depleted by 0.7 percent and 0.8 percent, respectively.

Attock Group of Companies announced above-expectations results which led the stocks like Pakistan Oilfields Limited (POL), National Refineries Limited (NRL), and Attock Refineries Limited (ATRL) to close in the range of 2 percent to 5 percent.

Market volumes improved by 19.97 percent or 31.257 million shares to 187.753 million shares on Wednesday when compared with 156.496 million shares traded on Tuesday.

Market capitalization reduced by 0.45 percent or 31.152 billion rupees (305.421 million U.S. dollars) to 6.961 trillion rupees (68.252 billion dollars) whereas trade value swelled by 23.63 percent or 1.611 billion rupees (15.798 million dollars) to 8.432 billion rupees (82.669 million dollars).

Among 348 active scrips on Wednesday, prices of 201 issues decreased, 120 grew, whereas values of 27 other companies stayed unchanged.

TRG Pakistan Limited, Byco Petroleum, and Jahangir Siddiqui Company Limited were the top traded companies with turnovers of 39.099 million shares, 16.575 million shares, and 12.622 million shares, respectively.

Island Textile was the top price gainer with increment of 30.20 rupees (29.61 cents) to 689.50 rupees (6.75 dollars) while on the other hand Unilever Foods XD led the major price shedders with decrement of 209 rupees (2.04 dollars) to 5,250 rupees (51.47 dollars). Enditem