KARACHI: The Pakistan Stock Exchange Tuesday opened bullish and gained 231 points to reach record level of 42364.64 points in early trading.
On Monday, the PSX crossed the psychological barrier of 42,000 points for the first time ever amid thin trade. The benchmark 100-share index rallied by 292 points and closed at all-time high level of 42,133 points.
FFBL (up 1.49%) in the fertiliser gained on the back of EOGM announcement by the company in which it will pass a resolution to acquire shares of FFBL Power Company Limited (FPCL). A coal based power plant of 110MW is being set up under FPCL, which is expected to come online by 1Q-2017. This coal based power plant will add considerably to company’s bottom line going forward. SNGPL (0.34%) gained to close in the green zone on the back of the news that gas companies will spend around Rs71 billion on upgrading their transmission networks to meet future needs of the country.
POL (2.25%), PPL (0.79%) and OGDC (0.22%) in the E&P sector gained on the back of slight rebound in crude oil prices, as magnitude 5 earthquake struck Oklahoma State on Sunday near the largest US oil storage hub. Overall, volumes decreased by 26 percent to 333 million shares, while value decreased by 6.5% to Rs14.2 billion/$136 million.
