Pakistan bourse remains bullish: KSE-100 Index gains 290 points

KARACHI: The Pakistan stocks moved both ways and closed in the green territory on Monday, owing to the trendy New Year phenomenon.

“The imports during December declined 13 per cent. Additionally, CPI [Consumer Price Indicator] clocked-in at 12.3 per cent in December 2021, which is in line with [the] expectations; thus, cushioned the investors’ sentiment during the day,” an analyst at Pearl Securities said.

The Pakistan Stock Exchange KSE-100 shares Index gained 0.65 per cent, or 290.82 points, to close at 44,886.89 points. The KSE-30 shares index gained 0.83 per cent, or 144.9 points, to close at 17,646.59 points.

As many as 362 scrips were active, of which 212 advanced, 137 declined and 13 remained unchanged. The ready market volumes stood at 195.16 million shares, compared with the turnover of 317.64 million shares in the last trading session.

Ahsan Mehanti at Arif Habib Corporation said that the stocks closed bullish led by oil and banking scrips on surging global crude oil prices.

“Strong rupee recovery and 16.7 per cent higher exports for December 2021 played a catalytic role in the bullish close.”

Neelam Naz at JS Global Capital said that the benchmark index started the New Year on a positive note and closed in the green zone.

“Going forward, we expect the market to pick up pace and recommend investors to avail any dips to accumulate technology, textile and oil and gas exploration stocks.”

The companies that reflected the highest gains included Unilever Foods, up Rs267 to close at Rs19,267/share; and Colgate Palmolive, up Rs122.99 to close at Rs2,400/share.

The companies, which reflected the most losses included Bata Pakistan, down Rs161.15 to close at Rs2,010/share; and Pakistan Tobacco, down Rs74.25 to close at Rs1,123.34/share.

The highest volumes were witnessed in Pakistan International Bulk Terminal with a turnover of 12.58 million shares. The scrip gained 34 paisas to close at Rs7.7/share; followed by TPL Properties with a turnover of 11.08 million shares. It shed nine paisas to close at Rs32.56/share. Ghani global remained the third with a turnover of 10.8 million shares. It gained 48 paisas to finish at Rs24.60/share.