Stocks surge as more inflows expected this month
KSE-100 Index remains on upside throughout day to settle at 42,901 points, up 636 points or 1.50%
November 10, 2022
- Sliding global coal prices lured investors into cyclical stocks.
- Positivity also attributed to Saudi crown prince's expected visit.
- Technology, banking, energy stocks remain in limelight.
KARACHI: Stocks Thursday blasted off to the upside, mostly fueled by the recent announcements of inflows from multilateral lenders and the Saudi crown prince’s expected visit to Pakistan, and sliding world energy markets.
The KSE-100 Index, the main gauge of the country’s capital market, opened in the green zone and stayed there throughout the day to settle at 42,901 points, up 636 points or 1.50%.
Topline Securities in its daily market report said equities witnessed a bullish momentum.
“International oil and coal prices came down, which lured investors’ interest toward cyclical stocks especially listed construction sector,” the brokerage said.
In addition to this, Finance Minister Ishaq Dar’s statement regarding the arrival of Asia Infrastructure Investment Bank’s (AIIB) co-financing of $500 million, under the Building Resilience with Active Countercyclical Expenditure (BRACE) programme of ADB, by the end of the month also supported market sentiment.
During the day, technology, banking, and exploration and production, sector stocks contributed positively to the index.
As a result, TRG Pakistan, Meezan Bank Limited, Oil & Gas Development Company, Pakistan Petroleum Limited, and Bank Al-Falah added 278 points, cumulatively.
On the flip side, Pakistan Services Limited, Rafhan Maize Products Company Limited and Fatima Fertilizer Company Limited witnessed some profit-taking as they lost 52 points collectively.
Over 293 million shares were traded at the bourse, while the total value clocked in at Rs10.2 billion. Hascol Petrol led the volumes chart with 41.5mn shares.
Analysts also attributed this burst of positivity to the expected visit of Saudi Crown Prince Muhammad bin Salman to Pakistan and the hopes of a $10 billion investment in a refinery project, announced by the premier a month back.
