KARACHI: On Wednesday, the Pakistan Stock Market opened on a bullish note in the morning as KSE-100 index reached above the 46,000 mark. Energy and oil sector remained in demand on back of latest surge in oil prices.
The Karachi Share Index (KSE-100) gained 196.51 points (0.43 per cent) after closing at 46,160.78 points against the previous closing of 45,964.27 points. The market went up to 46,189.25 points during intra-day trading, while recorded as low as 45,936.37 points.
Trading volume increased to 403.69 million shares today as compared to 399.18 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 23.5 billion from Rs 22.96 billion in the previous session, the data said.
Oil climbed ahead of a crucial OPEC+ meeting, as the (Cartel) alliance was expected to agree a coordinated increase in output as the pandemic’s impact on the market recedes.
Brent futures rose 1.5% after three consecutive days of losses for the first time since December. The widespread view among the Organization of Petroleum Exporting Countries and its allies is that the oil market can absorb extra barrels.
Investors in the regional and international markets are expecting an improvement in demand also while the reduction in production by oil producing nations will keep prices on an upward trend, analysts and traders said. Energy and oil stocks are likely to stay in demand on the back of inventory gains and improved sales in coming months, they added.
The share price of Unilever Foods increased by Rs 499 to Rs 14,499 while Island Textile gained Rs 145.50 to Rs 2,085.50. On the other hand, Sapphire Textile lost Rs 20.69 today to close at Rs 999.98 while AKD Capital lost Rs 20.31 to close at Rs 364.70.
