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Home Business

Energy stocks lead rally as KSE-100 gains 692 points

by News Publishing
December 26, 2022
in Business, Finance, Main
Reading Time: 2 mins read
0
Shares at the PSX continued their bull run, rising immediately after the opening bell
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On Monday, the benchmark index rose quickly after trading opened, helping shares at the Pakistan Stock Exchange (PSX) start the day in the black.

At 10:45 a.m., the KSE-100 index had increased by 692.26 points, or 1.75 percent, to reach 40,361.46 points.

Analysts credited the government’s efforts to reduce circular debt in the gas sector for the stock market’s increase. These efforts included the creation of a committee headed by of Ashfaq Tola, president of the Institute of Chartered Accountants of Pakistan, to make recommendations for how to proceed with debt settlement.

The energy sector has seen purchasing interest as the market opened strongly. This comes after recent reports that the government is trying to address the circular debt problem, according to Raza Jafri, head of equity at Intermarket Securities.

In reference to last week’s stock market crash, in which the benchmark index fell more than 1,900 points in only three days, he continued, “There is also a feeling that the selling is overdone.”

According to Jafri, the upcoming trigger that might have a favorable impact on the market is anticipated Saudi Arabian inflows that would increase the nation’s foreign exchange reserves, which are now at an eight-year low.

Salman Naqvi of Aba Ali Habib Securities noted that the International Monetary Fund (IMF) has asked the government to develop a workable plan to minimize circular debt in the energy sector in order to successfully complete the ninth and tenth reviews.

“If the government manages to pay the significant receivables of [gas companies] through any means, it will greatly benefit PPL, OGDCL and PSO,” he commented, noting that the weighted average of these companies in the stock market was “high”.

Shares of PPL were up Rs4.31 or 7.5pc at 10:35am and OGDCL’s at Rs3.62 or 4.96pc, while PSO shares rose by Rs6.89 or 5.2pc.

Naqvi claimed that last week, shares in other industries that were already in the “oversold zone” were also being purchased by investors. However, he issued a warning that the market’s gains were unsustainable since it was a rollover week—when futures contracts are settled or carried over to the following month—and because the nation’s law-and-order situation was getting worse.

According to Ali Malik, chief executive officer of First National Equities Limited, the index was driven higher by the gas, exploration, and refinery sectors on anticipations that the government will resolve circular debt and hike gas prices, which would improve profits and dividends.

Another reason was the perception that political instability would be reduced for a while after PTI Chairman Imran Khan said Punjab Chief Minister Chaudhry Parvez Elahi would dissolve the provincial assembly after taking a trust vote on Jan 11, Malik said. The PTI had previously announced to the dissolution of the Punjab and Khyber Pakhtunkhwa assemblies on Dec 23.

Tags: KSE-100latestPakistan Stock Exchange
News Publishing

News Publishing

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