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PSX tracks global oil surge to post hefty gain

Xinhua, August 9, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) extended gains on Tuesday as investors opted to buy fresh positions in the local oil companies following an increase in international oil prices.

The Pakistan Stock Exchange's benchmark KSE 100-Index gained 0.48 percent or 187.54 points to 39,663.71 points on Tuesday when compared with 39,476.17 points recorded on Monday.

The KSE All-Share Index increased by 0.42 percent or 109.25 points to 26,411.21 points, the KSE 30-Index grew by 0.57 percent or 129.98 points to 22,768.31 points, the KMI 30-Index jumped by 0.63 percent or 433.31 points to 69,670.92 points, whereas the Islamic All-Share Index jacked up by 0.35 percent or 63.27 points to 18,400.03 points.

During Tuesday's trading session, the main index moved in a remote trajectory of 260.06 points as it scaled an intraday high of 39,735.77 points as against an intraday low of 39,475.71 points.

On the back of bullish international crude prices, the local oil companies posted decent gains as Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company (OGDC) closed up in the range of 1.4 percent to 3.5 percent.

A renewed interested led Sui Sothern Gas Company (SSGC) to close at its upper limit of 5 percent whereas Sui Northern Gas Pipelines Limited (SNGPL) gained 0.8 percent.

Market volumes improved by 10.92 percent or 21.772 million shares to 221.183 million shares on Tuesday when compared with 199.411 million shares posted on Monday.

Market capitalization swelled by 0.36 percent or 28.767 billion rupees (282.038 million U.S. dollars) to 7.91 trillion rupees (77.556 billion dollars) whereas trade value advanced by 45.41 percent or 3.603 billion rupees (35.331 million dollars) to 11.539 billion rupees (113.133 million dollars).

Among 386 active scrips on Tuesday, prices of 226 issues moved northward, 142 traveled southward, whereas values of 18 others stayed unchanged.

Karachi Electric Limited, Sui Southern Gas Company, and Pakistan Telecommunication Company Limited XD were the top traded companies with turnovers of 33.096 million shares, 11.138 million shares, and 8.257 million shares, respectively.

Island Textile was the top price gainer with an increment of 47.5 rupees (46.57 cents) to 997.5 rupees (9.78 dollars) while on the other hand, Rafhan Maize led the major price shedders with a decrement of 249.07 rupees (2.44 dollars) to 7,450.93 rupees (73.04 dollars). Endit