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Pakistan stocks staged an unusual rally in the midst of the ongoing Russia-Ukraine conflict even as oil prices marched upwards as the benchmark KSE-100 Index jumped 477 points amid strong corporate earnings.

The increase is all the more remarkable as the KSE-100 opened lower, hitting an intra-day low of 43,639.17. However, it not only recovered all its losses, but marched past the 44,500 level towards the end of the session.

At close on Monday, the KSE-100 Index ended higher by 476.77 points or 1.08% to settle at 44,461.01.

“The ongoing results season managed to retain investor-interest,” said Capital Stake in its post-close comment.

During the month, KSE-100 Index posted a negative return of 1.8%, with pressure due to rising oil prices, high current account deficit, and escalating geopolitical tension keeping markets around the world subdued.

Arif Habib Limited, in a note, said euphoria initially rolled over from the prior month, led by proceeds of $1 billion from Sukuk issuance as well as disbursement of IMF's $1 billion tranche.

"However, by mid-month, the market came under pressure amid crumbling global political order. As Russian forces commenced a military operation in Ukraine, worldwide equities quickly recoiled.

“Rally in international oil prices (where the commodity crossed the $100 a barrel level after 7 years), once again caused a stampede at the domestic bourse with market participants fearing further hike in inflationary reading and expanding external account,” it added.

A day after bloodbath session, KSE-100 registers 154-point gain

On the economic front, Pakistan’s Real Effective Exchange Rate (REER) clocked in at 97.03 in the month of January 2022 as compared to 95.16 in same period last year and 96.8 in December 2021, showed latest data.

On the corporate front, TPL Properties announced that its Board of Directors have approved the sale of three Special Purpose Vehicles (SPVs) – HKC Private Limited, TPL Technology Zone Phase I (Private) Limited, and National Management & Consultancy Services (Private) Limited – to TPL REIT Fund-I managed by its wholly-owned subsidiary TPL REIT Management Company Limited.

Sectors driving the benchmark index upwards included fertiliser (122.47 points), cement (91.80 points) and oil and gas exploration (91.11 points).

Volume on the all-share index decreased to 208.12 million from 241.64 million on Friday. The value of shares traded also declined to Rs6.06 billion from Rs6.74 billion recorded in the previous session.

Agritech Limited was the volume leader with 15.68 million shares, followed by TPL Properties with 14.27 million shares, and Flying Cement (R) with 12.93 million shares.

Shares of 340 companies were traded on Monday, of which 226 registered an increase, 96 recorded a fall, and 18 remained unchanged.

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