Stocks gain 392 points as oil prices plummet – Reuters

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KARACHI: Stock prices surged on Wednesday as investors celebrated the fall in international oil prices from their seven-year high.

Oil prices fell more than 2% from their recent peak as indirect talks between the United States and Iran resumed, according to Arif Habib Ltd. The latest development could revive the international nuclear deal and allow more oil exports from the member of the Organization. oil-exporting countries.

However, the cement sector remained under pressure due to rising international coal prices. In the banking sector, Bank AL Habib took the spotlight by announcing results that exceeded market expectations. Investors finally accepted the physiological level of 46,000 points and made purchases at all levels in the last hour of trading.

As a result, the KSE-100 index gained 391.81 points or 0.85% to close at 46,339.76 points.

Trading volume increased by 29.8% to 243.1 million shares while the value traded increased by 40% to $56.8 million on a daily basis.

The sectors that contributed the most points to the benchmark were commercial banking (123.71 points), fertilizers (73.57 points), oil and gas exploration (42.62 points), production and distribution of electricity (25.57 points) and cement (21.51 points).

Shares contributing significantly to trading volume included Treet Corporation Ltd (16.81 million shares), K-Electric Ltd (13.78 million shares), Hum Network Ltd (12.5 million shares) , WorldCall Telecom Ltd (10.64 million shares) and Engro Polymer and Chemicals Ltd. (10.41 million shares).

Shares contributing positively to the index include Bank AL Habib Ltd (56.48 points), Engro Corporation Ltd (48.32 points), Meezan Bank Ltd (28.34 points), The Hub Power Company Ltd (22.68 points ) and TRG Pakistan Ltd (21.37 points).

Stocks that deducted the maximum number of points from the index include Systems Ltd (13.48 points), Adamjee Insurance Company Ltd (13.12 points), Nishat Mills Ltd (5.76 points), Bank Alfalah Ltd (5 .59 points) and Colgate-Palmolive Pakistan Ltd. (5.3 points).

Foreign investors were net sellers as they sold shares worth $1.58 million.

Posted in Dawn, February 10, 2022

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