Pakistan stocks recover amid spike in global crude oil prices
KARACHI: Pakistan stocks started the day with a strong footing and remained in the green zone throughout the day. The market was driven by the healthy corporate results along with some surprise dividend payouts, dealers said on Wednesday.
Ahsan Mehanti at Arif Habib Corp said that the stocks showed recovery, amid a spike in the global crude oil prices during the trading session and upbeat data remittances in July 2021.
“Strong corporate earnings in the oil and cement sector, the rupee recovery and speculations in the earnings season rally played a catalytic role in the bullish close.”
An analyst at Arif Habib Limited said the sentiment was buoyant on the expectation of healthy earnings by key listed entities, which helped propped up the market.
“Besides, incentives issued in favour of the technology firms and the finance minister’s notice regarding inquiry against the stock brokers also helped develop positive sentiment. [The] banks, oil and gas marketing companies, cement, power and technology stocks performed well. The refinery sector also performed well due to the anticipation of the refinery policy being finally put to approval of the cabinet.”
The Pakistan Stock Exchange KSE-100 shares index gained 0.51 per cent, or 241.90 points, to close at 47,377.38 points. The KSE-30 shares index gained 0.61 per cent, or 114.29 points, to close at 18,926.22 points.
As many as 472 scrips were active, of which 222 advanced, 223 declined and 27 remained unchanged. The ready market volumes stood at 382.64 million shares, compared with the turnover of 370.03 million shares in the last trading session.
Muhammad Mubashir at JS Global Capital said that the bulls pulled the KSE-100 to an intraday high of 47,628 points. Despite some profit-taking, the market eventually closed with a gain of 242 points to 47,377 points.
In the ongoing results season, Engro Polymer (up 3.5 per cent) announced a cash payout of Rs7/share for the quarter. Moreover, from the refinery sector, Attock Refinery (up 0.1 per cent) and National Refinery (up 1.9 per cent) also announced their full-year results.
“Going forward, we recommend investors to adopt a buy on dips strategy in the steel, technology, refinery and cement sectors.”
The companies, which reflected the highest gains included Indus Motor Company, up Rs69.36 to close at Rs1,334.45/share; and Sapphire Fiber up Rs58.79 to close at Rs934.99/share.
The companies that reflected the most losses included Philip Morris Pakistan, down Rs34.98 to close at Rs930/share; and Nestle Pakistan, down Rs20 to end at Rs5,850/share.
The highest volumes were witnessed in Ghani Global with a turnover of 27.60 million shares. The scrip gained 97 paisas to close at Rs43.43/share; followed by WorldCall Telecom with a turnover of 26.70 million shares. It shed 2 paisas to close at Rs3.43/share. Engro Polymer was the third with a turnover of 25.98 million shares. It gained Rs1.99 to finish at Rs58.58.
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