Late buying helps KSE 100 index gain 388 points

Author: Staff Report

KARACHI: The Pakistan Stock Exchange (PSX) ended the week with a new all-time high. The index opened the day lazy but late buying pushed it up to a record close.

The oil sparked rally of the previous session faded out as market analysts believe even without increased supplies from elsewhere, if the Organization of the Petroleum Exporting Countries (OPEC) and Russia do reduce production by 1.5 million barrels per day (bpd) as pledged, the cuts would not be deep enough to shrink a glut that began to build in mid-2014.

The benchmark KSE 100 index hit an intraday high, also the highest high of all times, 43,308.14, up 400.78 points seconds before close of the day. The index landed with 388.86 points surge at 43,296.22. The KMI 30 index moved between a high of 434.48 points green and 47.01 points red to settle with 351.86 points gain at 72,742.50. The KSE All Share index concluded up 182.93 points at 29,959.69. The advancer to decliner ratio stood at 235 to 147.

The market volumes dropped from 504.44 million to 374.96 million. Only 88.31 million shares were traded in the KSE 100 index. Worldcall Telecom Limited (WTL +9.72%) led the volume chart with 50.22 million shares exchanged on the table. Investors grabbed the script after market rumors of Omantel and Mag international closing a deal soon. The script helped the Technology and Communications Sector earn title of the highest traded sector with cumulative volume of 63.89 million.

The oil and gas exploration sector hit the brakes. The sector was weak and dull again, Pakistan Oilfields Limited (POL +0.43%) was top gainer followed by Oil and Gas Development Company (OGDC +0.19%). Mari Petroleum Limited (MARI) and Pakistan Petroleum Limited (PPL) declined 1.06% and 0.54% respectively.

The pharmaceutical sector staged a near day-end rally. GlaxoSmithKline (Pakistan) Limited (GLAXO +5.00%) settled at day’s maximum price attainable while The Searle Company Limited (SEARL +4.14%) hit the same intraday.

Ghani Gases Limited (GGL +4.695) surged after details of resolutions to be presented in its extraordinary general meeting on December 24. The board has resolved that consent of the shareholders be and are hereby accorded to make changes with regards to utilization of funds raise through right issue.