Daily Times

KARACHI: The Pakistan Stock Exchange (PSX) came out of the Monday blues after initial drop. The index shot up close to 35,000 psychological mark, as the oil sector attracted gains.

Asian stock markets ended mixed after the US market recovered from last week’s slide downwards. The US dollar slid to its lowest against major currencies in well over a year on Tuesday while gold touched high for the year.

The benchmark KSE 100 index, after the early morning fall to 93.03 points, flew up by 357.90 points. The index settled up 329.78 points to 34,897.30. The KMI 30 index also swung both ways and touched a high of 501.69 points and low of 97.10 points. It later ended after appreciation of 388.15 points at 60,506.75. The KSE All Share landed after raising 207.38 points at 24,046.13. The session witnessed 165 advancers and 149 decliners. The market volumes improved from last session’s 185.578 million to 197.759 million.

The commercial banking sector led the volume chart with 36.08 million shares exchanged. Bank of Punjab (BOP -3.21%) was top traded with volume of 21.91 million. Sentiments in the sector remained mixed, Bank of Khyber (BOK +4.85%) gave the highest return followed by MCB Bank Limited (MCB +2.92%) and Faysal Bank Limited (FABL +2.14%). Largest market capitalisation bank, Habib Bank Limited (HBL), was up +1.10.

Technology and communications sector was next with volume of 30.07 million. Only TRG Pakistan Limited (TRG -0.54%) declined. Worldcall Telecom Limited (WTL) gathered 3.37%, Pakistan Telecommunication Company (PTC) was up 2.92% and NetSol Technologies Limited (NETSOL) gained 2.63%.

The cement sector was third highest traded. A total of 18.50 million shares exchanged hands. Attock Cement Pakistan Limited (ACPL) led in terms of percentage price gain, up 2.45%. Power Cement Limited (POWER) rose 2.25% and Bestway Cement Limited (BWCL) by 1.95%.

Oil and gas exploration sector exploration sector rallied despite fall in crude oil prices. Crude oil ended lower as production from the Organisation of the Petroleum Exporting Countries neared all-time peaks and record speculative buying in global benchmark brent sparked profit-taking on last month’s outsized rally.

Index heavy weight Oil and Gas Development Company (OGDC +5.02%) banged the upper lock price of Rs 134.67 as rumours circulate the market regarding its potential inclusion into the Shariah-complaint stocks list. Other scripts in the sector also were seen in the green. Mari Petroleum Limited (MARI) increased 1.56% in price, Pakistan Oilfields Limited (POL) appreciated 0.89% and Pakistan Petroleum Limited (PPL) was up 0.65%.