KSE – 100 gains 18.45 points

Yet another day goes by, as index roams around in the hay-field without a sense of where it needs to go. The index seems to be lacking any trigger whatsoever to capitalize on. KSE – 100 began the day on a positive sentiment supported by the Oil stocks as Pakistan Oilfields informed the exchange of a hydrocarbon discovery in Markhor East – 06 well in TAL Block.

Pakistan National Shipping Corporation (PNSC +1.02%) closed positive after reports surfaced that it is inducting two Aframax-category tankers and plans to commence coastal ferry service between Karachi and Port Qasim, and Karachi and Gwadar.

According to reports, PNSC plans to build a transit storage facility for oil at Keamari, which will allow them to increase the turnaround of tankers.

Power Generation & Distribution, Oil & Gas Marketing Companies accompanied by Commercial Banks scrips took the index down as market suffered from a lack of direction.

Sector-wise all share index turnover was led by Power Generation & Distribution (30.24 million), Commercial Banks (14.68 million), and Oil & Gas Marketing Companies (12.17 million) with Fertilizer (3.49) and Cement (3.76 million) stocks trailing at the bottom.

Oil prices have witnessed a significant surge during the weekend and well into the first two days of the week. As geopolitical tensions, supply cuts and lesser output form the US Shale industry continues to help lift oil prices up in the recent days. Oil prices have reached their two year highs during the last few months as inventory levels across the refineries has been down to their 5 – year averages.

KSE-100 Index at the day end moved a total of +18.45 points up by 0.04%, closing at 41049.22 points. Index Volume was 53.26 million shares, value of shares traded was PKR 4.91 billion with index high-low range of 41262.45 – 41003.05.

The index movement was limited within the 259.40 points range.

39 companies closed up, whereas 42 were down at the day end.