Equity market gains 147 points on optimistic sentiments

KARACHI: The equity market gained 147 points on Friday on hopes of good news on economic front.

The benchmark KSE-100 index closed at 38,532 points as against 38,385 points showing an increase of 147 points.

Analysts at Arif Habib Limited said that the market had a relatively better session as compared to the past whole week.

PM’s promise of sharing good news in 3 weeks did the trick for the investors, causing E&P stocks especially OGDC and PPL to take off and growing both in price and volumes.

First session saw market increasing by 228 points with 35.2 million trading volume, which grew further in the second session by adding another 108 points to reach a total of +336 points in the index, however, selling pressure ensued in second session that resulted in erosion of almost all the gains during the day.

Last half hour of trading saw buying activity that closed the index +207 points (unadjusted).

Sectors contributing to the performance include E&P (+162 points), Banks (+58 points), Textile (+11 points), Power (-36 points), Food (-21 points).

Volumes improved slightly to reach 84.6 million shares as against 81.4 million shares (+4 percent DoD).

Average traded value also increased by 4 percent to reach US$ 31.6 million as against US$ 30.4 million.

Stocks that contributed significantly to the volumes include PKGP, BOP, OGDC, HUBC and PPL, which formed 41 percent of total volumes.

Stocks that contributed positively include PPL (+84 points), OGDC (+58 points), POL (+23 points), BAFL (+18 points), and PMPK (+12 points). Stocks that contributed negatively include HUBC (-37 points), NESTLE (-20 points), PSEL (-11 points), LUCK (-10 points) and ENGRO (-8 points).

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