KARACHI: Bulls managed to strengthen their hold at Pakistan Stock Exchange (PSX) as the favourable statements related to gas supply conditions, ease in COVID-19 related restrictions, and activities at the corporate front helped to regain investors’ interest helped the market to close the day in positive for the second day in a row.
The Karachi Share Index (KSE-100) ended the day 218.25 points (0.46 per cent) up at 47,356.02 points against the previous closing of 47,137.77 points. The market went as high as 47,460.31 points during intra-day trading, while it recorded as low as 47,137.77 points.
Trading volumes inched down to 549.66 million shares today as compared to 580.7 million shares during the previous trading day, while the daily traded value declined to Rs15.88 billion from Rs17.16 billion in the previous session, the data said.
The market seems to have entered a recovery phase as investors remained busy in selective buying at discounted prices. The positive statement regarding the restoration of gas supply in a few days helped the market regain investors’ confidence. The glitch in gas supply, especially to the industries led to forced production halts in the last few days, traders and analysts said.
While the activity in the corporate sector such as oversubscription of public offering and disclosure of investment plans by leading corporations also helped the market regain confidence, they added.
Special Assistant to Prime Minister on Petroleum and Power Tabish Gauhar has said that the current gas crisis is “temporary in nature” and that there would be “major improvement 2-3 days”. The PM’s aide said that in a meeting with the Federation of Pakistan Chamber of Commerce and Industry.
He said, “major shipment of LNG has arrived and will be transmitted and distributed through SSGCL (Sui Southern Gas Company) system within few days”.
Gauhar said that the repair and maintenance works of the gas fields were mandatory and unavoidable, adding that the government was “aware of the enormous challenges being faced by the industry.
The share price of Sapphire Fiber increased by Rs54.99 to Rs790, while Hinopak Motor Company gained Rs42.70 to Rs612.15. On the other hand, Unilever Foods lost Rs126.25 today to close at Rs16,373.75 while Gatron Ind. lost Rs25.90 to close at Rs475.20.
