KARACHI (The Thursday Times) — The Pakistan Stock Exchange’s benchmark KSE-100 index gained 3,987.19 points, or 2.29%, in the week to Friday, closing at 177,873.88, as oil and gas explorers led by Mari Energies and the big banks drove the market higher.
The index had ended the previous week at 173,886.69. It came under pressure early in the week as international oil prices rose, but recovered as buyers moved into oil and gas shares, and it briefly climbed back above 180,000 before settling lower.
Mari Energies was the biggest single contributor, adding 582.52 points to the index, after the company announced a porphyry copper and gold discovery at its East Siah Diq site in Chagai, Balochistan, about 50 kilometres east of Reko Diq. It came as the Pakistan Minerals Investment Forum in Islamabad closed with 13 agreements, though the company said it did not yet amount to a formally established mineral resource.
Explorers, banks, and cement lead
Oil and gas exploration companies added 1,058.39 points as a sector, followed by commercial banks with 1,036.30 points, cement with 545.09 points, and fertiliser with 316.98 points. After Mari, the largest gains came from United Bank Limited, Lucky Cement, Pakistan Petroleum, and Habib Bank.
National Bank of Pakistan was the biggest drag, taking 47.87 points off the index, while refineries were the weakest sector, costing 46.36 points.
Foreign investors were net buyers of about $3.62 million of shares over the week, mainly through foreign corporates. Among local investors, mutual funds bought a net $25.81 million, while individuals sold a net $21.21 million and banks and development finance institutions sold $10.31 million.
The rally came in a week when State Bank data showed central government debt falling in the first quarter of the fiscal year. The index first went past 180,000 in January, and whether it can hold that level depends largely on oil prices, interest rates, and foreign flows.
