PHOTO:FILE
KARACHI: The KSE-100 Index ended positive for the fourth successive time, backed by significant gains in the exploration and production sector, to inch near the 48,500 level.
At close, the Pakistan Stock Exchange's (PSX) benchmark index recorded a rise of 207.19 points or 0.43% to end at 48,457.26.
According to Elixir Securities, equities maintained the northbound ride and closed higher with activity in the wider market picking up.
"Activity in the wider market witnessed noticeable improvement particularly in the second half of trading," said analyst Ali Raza.
"Market opened positive with index heavy oils leading early gains as investors tracked gains in global crude overnight.
KSE-100 finishes in the green, settles above 48,000
"Pakistan Petroleum (PPL PA +2.1%) emerged as the star performer contributing most positive points to the index, while Pakistan Oilfields (POL PA +1.4%) and Oil & Gas Dec (OGDC PA +0.65%) also closed with modest gains.
"Cements closed lower with Lucky Cement (LUCK PA -1.1%) denting on no major news while mixed activity was seen in autos as release of March sales number led to most names witnessing profit-taking, barring Pak Suzuki Motors (PSMC PA +3%) that continued its winning streak for the third straight day," he added.
Meanwhile, JS Research analyst Nabeel Haroon said that market extended its previous day gain, thanks the E&P sector.
"E&P sector continued its upward trajectory as the sector gained to close (+2%) higher than its previous day close. (OGDC +0.83%), (POL +1.36%) and (PPL +1.76%) were the major index movers from the aforementioned sector," he said.
KSE-100 ends positive, but participation remains thin
"(SNGP +2.99%) and (SSGC +2.28%) gained to close in the green zone on the back of news that government has lifted an eight-year moratorium on new gas connections to industries.
"Automobile sector gained on the back of auto sales number released by (PAMA) for the month of March 2017, which indicated a 17% year-on-year growth for the month of March 2017. (PSMC) led the sales number with 19% year-on-year growth as Wagon R continued to be the star variant of the auto assembler.
"Apart from the E&P sector, major contribution to the index came from (SNGP +2.99%), (MARI +2.69%) and (FCCL +2.46%), whereas (LUCK -0.89%), (ENGRO -0.86%) and (DGKC -0.50%) lost value to weigh down on the index," he added.
KSE-100 ends week with 533-point gain, but volume still down
Overall, trading volumes rose to 217.8 million shares compared with Tuesday's tally of 146 million.
Shares of 396 companies were traded. At the end of the day, 223 stocks closed higher, 152 declined while 21 remained unchanged. The value of shares traded during the day was Rs11.2 billion.
Aisha Steel Mill was the volume leader with 23.6 million shares, gaining Rs1.02 to close at Rs25.34. It was followed by TRG Pak Ltd with 17 million shares, gaining Rs0.91 to close at Rs52.94 and Engro Polymer with 12.9 million shares, gaining Rs0.55 to close at Rs26.54.
Foreign institutional investors were net sellers of Rs172 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
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