Pakistan Stock Exchange stays bullish after Saudi-Russia oil output deal

ISLAMABAD, April 13: The Pakistan Stock Exchange recorded bullish trade along with Asian equity markets on Wednesday after reports emerged that Saudi Arabia and Russia have struck a deal to limit out production but overall trading mood remained dull owing to lack of participation by local investors. The Pakistan Stock Exchange’s benchmark KSE 100-Index elevated 0.09 percent or 29.20 points to 33,646.10 points on Wednesday when compared with 33,616.90 points recorded on Tuesday.   The KSE All Share Index bucked the trend with decline of 0.32 percent or 73.40 points to 23,109.74 points, the KSE 30-Index swelled by 0.16 percent or 30.68 points to 19,516.77 points, the KMI 30-Index gained 0.08 percent or 45.59 points to 59,329.84 points, whereas the Islamic All Share Index fell by 0.11 percent or 17.35 points to 15,851.81 points. During Wednesday’s trading session, the main index moved in a narrow range of 313.72 points as it touched an intraday high of 33,785.64 points as against an intraday low of 33,471.92 points. Robust trade data from China and Saudi-Russia deal injected the much-needed optimism. The news of oil output freeze not only helped the international crude oil to bolster but also led an Asian stocks rally. Consolidation was observed in some cement companies including Dera Ghazi Khan Cement (DGKC) and Maple Leaf Cement (MLCF) which depleted by 0.7 percent and 0.8 percent, respectively. Attock Group of Companies announced above-expectations results which led the stocks like Pakistan Oilfields Limited (POL), National Refineries Limited (NRL), and Attock Refineries Limited (ATRL) to close in the range of 2 percent to 5 percent.-DNA