KSE-100 up 350 points as plunge in oil prices revives sentiments

A plunge in oil prices revived sentiments at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index recovered losses made during previous sessions, registering a gain of over 350 points on Tuesday. Volume and value of shares traded also increased.

The market opened on a positive note amid a decline in international oil prices, as the index jumped to 43,793.57, gaining 426.68 points.

At close, it ended with a gain of 352.93 points, or 0.81%, to settle at 43,719.82.

“The sharp decline in global crude oil prices helped in reviving investors’ interest,” said Capital Stake in a note, after oil prices dropped to a two-week low as talks of a ceasefire between Russia and Ukraine eased fears of further supply disruptions and surging COVID-19 cases in China raised concerns about fall in demand.

Pak rupee hits new all-time low against dollar

On the corporate front, Oilboy Energy Limited informed the stock exchange it has resumed trading activities of “energy products”. The company has received an order to supply 5,000 Metric ton of Afghan Coal to Pioneer Cement Limited, of which approx. 1,000 metric ton has been successfully delivered.

KSE-100 down 0.66% amid thin trading

Sectors driving the benchmark index upwards included cement (71.01 points), power generation and distribution (64.90 points) and technology and communication (52.75 points).

Volume on the all-share index increased to 189.04 million from 115.12 million on Monday. The value of shares traded also improved to Rs4.69 billion from Rs3.65 billion recorded in the previous session.

TeleCard Limited was the volume leader with 19.57 million shares, followed by TPL Properties with 15.29 million shares, and Treet Corporation with 13.73 million shares.

Shares of 346 companies were traded on Tuesday, of which 211 registered an increase, 105 recorded a fall, and 30 remained unchanged.