business
Friday Oct 15 2021
By
BDBusiness Desk

KSE-100 index gains nearly 500 points on higher oil prices

By
BDBusiness Desk
—AFP/File
—AFP/File

  • Benchmark KSE-100 records an increase of 1.10% to settle at 44,821.53 on Friday.
  • Market players cherry-picked those stocks that had fallen to attractive valuations due to a prolonged bearish spell in the past few days.
  • A jump in international crude oil prices fuelled bullish trading at the local bourse.


KARACHI: The Pakistan Stock Exchange (PSX) extended gains on the last day of the trading week and recorded a handsome rally, taking a cue from bullish activity in global stock markets and rising oil prices.

Benchmark KSE-100 recorded an increase of 487.85 points, or 1.10%, to settle at 44,821.53 on Friday.

Market players cherry-picked those stocks that had fallen to attractive valuations due to a prolonged bearish spell in the past few days.

Moreover, a jump in international crude oil prices — which touched a fresh three-year high, climbing above $85 a barrel on forecasts of a supply deficit — also fuelled bullish trading at the local bourse.

Investors took a cue from the rise and made a fresh investment in oil stocks, which lent support to the benchmark KSE-100 index.

Benchmark KSE-100 intra-day curve. — PSX data portal
Benchmark KSE-100 intra-day curve. — PSX data portal

Earlier, trading kicked off on a positive note, however, the market dropped at regular intervals. But bulls took full control of the market in the second session and with that, the index began climbing at a steady pace.

During the session, shares of 356 listed companies were traded. At the end of the session, 226 stocks closed in the green, 116 in the red, and 14 remained unchanged.

Service Fabrics was the volume leader with 34.3 million shares, gaining Rs0.77 to close at Rs11.71. It was followed by Unity Foods with 30.3 million shares, gaining Rs1.79 to close at Rs30.29, and WorldCall Telecom with 25.5 million shares, losing Rs0.04 to close at Rs2.39.