Pakistan Stock Exchange bench mark KSE-100 Index has taken a big stride with a quantum gain of 729 points to close in green at a new high of 52,876 levels at the close of the trading session here on Wednesday.
The market volume which also jumped above 600 million shares indicated the height of bullish momentum right from the morning till the end of the session. Power Cement was the center of attraction for the investors making it the volume leader of the day with a trade over 124 million shares to its credit.
The other two volume leaders including the Bank of Punjab seems in a full cry with a huge volume of over 90 million shares and Lotte Chemicals with 36 million shares to their credit respectively.
Meanwhile the oil and gas exploration sector is also capitalizing on higher realized gas price under 2012 policy, improving oil prices and better law and order situation has gone aggressive on exploration front. Resultantly, it is expected that the industry to post a 3yearr production CAGR (FY16-19) of 8% and 6% for oil and gas.
Apart from higher production, better oil prices ahead coupled with higher realized price under 2012 policy will also assist the earnings growth of the industry. On the international front the oil prices continued to surge, making a high of US$51.73/bbl on Tuesday supported by API data which reported a decline of 1.5 million barrels in U.S. crude supplies for the week.
In addition, oil prices have gained more than 10% from its May lows after the cartel agreed that it would extend their pledge to cut supplies by 1.8 million bpd to March 2018.