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Stocks open bullish after a volatile day

Stocks open bullish after a volatile day

KARACHI: The Pakistan Stock Exchange Thursday started day on bullish note and added 180 points to reach 41724 level in early trading.

On Wednesday, the market remained volatile as KSE 100-index traded between a wide range of 41,289 points to 41,820 points and finally closed at 57 points higher at 41,544 points.

On the news front, the State Bank of Pakistan has allowed Pakistani and Chinese enterprises to trade in Chinese Yuan (CNY). Investors’ interest was witnessed in the E&P sector as crude oil prices remained at higher levels in the international market, where POL (up 1.4%), PPL (1.4%) and OGDC (1.5%) closed in the green zone.

Scrips that contributed positively included OGDC that added 32 points, PPL 30 points, POL 19 points, KEL 15 points, and SNGP that contributed 14 points to the index gain.

Stocks that contributed negatively include NESTLE that shed 27 points, HBL 24 points, KTML 11 points, PMPK 10 points and ABOT that took away 9 points from the index.

Stocks that contributed significantly to the volumes included KEL, BOP, TRG, WTL and FCCL contributing a total of 92m shares, reflecting 39% share of total volumes.