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394-point rally tosses index above 47,000

Bulls rema­ined in control of the Pakistan Stock Exchange (PSX) on Thursday as state-owned enterprises listed on the bourse expr­essed interest in taking equity stakes in a $10-11 billion greenfield refinery project, which will jointly be developed with Saudi Aramco.

Arif Habib Ltd said the momentum can now pause and become more selective with correction in some stocks.

The KSE-100 index crossed the 47,000-point level after 21 months. It has gained 5,624 points or 13.6 per cent since the signing of a staff-level agreement with the Inter­national Monetary Fund (IMF) last month.

According to Topline Securities, the PSX has been the best-performing bourse globally in July with a 14.6pc gain in dollar terms.

Shares in banking and energy sectors led the show with Habib Bank Ltd, which announced its earnings a day ago, along with Oil and Gas Development Company Ltd, the Hub Power Company Ltd, Pakistan Petroleum Ltd and Pakistan State Oil Company Ltd witnessing rejuvenated interest.

As a result, the KSE-100 index settled at 47,077 points, up 394.47 points or 0.85pc from the preceding session.

The overall trading volume increased 5.9pc to 455.1 million shares. The traded value went up 26.4pc to Rs17.8bn on a day-on-day basis.

Stocks contributing significantly to the traded volume included World­Call Telecom Ltd (40.1m shares), K-Electric Ltd (30.2m shares), Oil and Gas Development Comp­any Ltd (28.5m shares), Hascol Petroleum Ltd (23.9m shares) and Pakistan Petroleum Ltd (20.5m shares).

Companies registering the biggest increases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs250), Nestle Pak­istan Ltd (Rs90), Meh­mood Textile Mills Ltd (Rs44), Mari Petro­leum Company Ltd (Rs28.71) and Lucky Core Industries Ltd (Rs23.88).

Companies that reco­rded the biggest declines in their share prices in absolute terms were Faisal Spinning Mills Ltd (Rs29.47), Pakistan Toba­cco Company Ltd (Rs25.01), Siemens Paki­stan Engineering Ltd (Rs21), Towellers Ltd (Rs10.85) and the Thal Industries Corporation Ltd (Rs9.98).

Foreign investors were net buyers as they purchased shares worth $0.86m.