Daily Times

Benchmark KSE 100 Index extended its winning streak for the third straight session in this week led by substantial gains in Oil and Gas Exploration sector and Commercial Banks. The index concluded today’s trading session with a gain of 322 point (0.97 percent) to clock at 33,762 points.

Foreign institutional investors were net buyers of Rs166.45 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

Market sentiments turned to positivity amid emerging speculations about the government and opposition settling down to some kind of dialogue .The investors were critical about the increasing uncertainty at the start of the trading week.

However, the World Bank’s Ease of Doing Business 2020 report was the major rallying point which jacked-up investor confidence igniting a buying spree at the bourse. Pakistan’s ranking improved 28 spots to the 108th place.

Adding 422.95 points, bourse marked its intraday high at 33,862.64. It closed higher by 322.79 points at 33,762.48. The KMI-30 Index closed at 54,742.34 after gaining 649.51 points, while the KSE All Share Index settled higher by 233.71 points at 24,537.83.

The index was also propelled by T-bill auction yesterday in which Cut off yield for 3, 6 and 12 months showed a reduction of 39, 26 and 68 basis points.

The Sectors that contributed to the index were Oil & Gas Exploration Companies with 115 points, Commercial Banks with 78 points, Fertilizer with 38 points, Oil& Gas Marketing Companies with 26 points and Food & Personal Care Products with 19 points.

The oil and gas exploration sector helped mount index primarily adding 2.19pc to its cumulative market capitalization. Pakistan Oilfields Limited contributed 3 pc, Oil and Gas Development Company Limited 2.27pc, Mari Petroleum Company Limited 2.46pc and Pak Petroleum Limited 1.63pc.

The volume chart was led by Worldcall Telecom ,Dost Steels Limited and Lotte Chemical Pakistan Limited. The scripts exchanged 17.23 million, 5.40 million and 5.11 million shares respectively. The overall market volumes improved to 121.33 million from the previous session of 116.94 million.

Meanwhile, Pakistan Energy Sukuk-I (PES-I) issue of Rs200 billion got listed at the Pakistan Stock Exchange (PSX)- the largest Shariah-compliant financial instrument ever listed at stock exchange in Pakistan. Developed Sukuk market could bring a new class of investors to Pakistan’s equity markets and could play an active role in the country’s economic growth.