November 8, 2022 (MLN): The benchmark KSE-100 index has gained 218 points (0.52% DoD) in today’s session to close at 42,265 points due to fresh triggers.
Investors throughout the day remained active in the market on the back of a drop in international coal prices resulting in buying activity in the cement sector.
While speaking to MG Link News, AKY Securities Chief Executive Officer Amin Yousuf said that a number of factors contributed to the market’s upward trajectory, including news of Saudi Arabia King Salman’s upcoming visit to Pakistan this month during which he may announce investment around $10 billion for establishing an oil refinery in the country.
The investors are hopeful that after this investment, the refineries’ margins would improve. Consecutively, the pending refinery policy would also be implemented, he added.
He also termed political uncertainty the major reason behind the instability in the market.
The benchmark KSE-100 index made an intraday high of 42,314.14 and an intraday low of 42,047.36 during the day.
By the session’s end, the total volumes of the KSE-100 index stood at 84.52mn shares, increased by 25.15% DoD from 63.26mn shares traded last week Monday.
In terms of sectors, most of the positive contributions came from commercial banks, cement, fertilizer, oil & gas exploration, and automobile assembler which cumulatively added 268.68 points to the index tally by the day’s end.
Out of 96 companies’ shares traded today 60 companies recorded gains and 32 companies sustained losses and four company share remains unchanged.
Meanwhile, the volume leaders on the benchmark index were CNERGY (14.28mn), FABL (8.14mn), BAFL (6.07mn), FCCL (4.70mn), and PAEL (4.15mn).
The scrips which gained the most during the session included: INDU (1.68%), MTL (1.83%), ATLH (3.04%), LUCK (1.18%), and ARPL (0.95%). On the other hand, the stocks that emerged as net losers during the day included RMPL (7.47%), PSEL (3.17%), PAKT (2.17%), ABOT (1.48%), and MUREB (2.01%).
Copyright Mettis Link News
Posted on: 2022-11-08T17:42:03+05:00
