Equity market gains on better corporate results

KARACHI: The equity market make gains on Wednesday owing to better financial results declared by corporate sector.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,279 points as against 39,957 points showing an increase of 322 points.

Analysts at Arif Habib Limited said that the market bounced back today, after consecutive declines witnessed in the past couple of sessions.

The start was similar to previous session, when market opened -13 points and fell further to realize a loss of 268 points.

However, financial results of Banks (UBL, MCB and HBL) encouraged investors to shun negativity and buy these stocks. Post result announcement, all these banks gained both in terms of volume and price.

OGDC among E&P scrips also contributed to the index, which grew by 2 percent.

Major volume (although on the downside) was witnessed in PIBTL (17.8 million), followed by BOP that saw 7.5 million volume with price increase of 1.8 percent.

Sectors contributing to the performance include Banks (+180 points), E&P (+93 points), Fertilizer (+70 points), Cement (+28 points), Power (-19 points).

Volumes increased from 94 million shares to 132 million shares (+40 percent DoD). Average traded value also increased by 73 percent to reach US$ 48 million as against US$ 28 million.

Stocks that contributed significantly to the volumes include PIBTL, BOP, KEL, LOTCHEM and UBL, which formed 32 percent of total volumes.
Stocks that contributed positively include UBL (+78 points), OGDC (+47 points), ENGRO (+32 points), HBL (+31 points), and BAHL (+25 points).

Stocks that contributed negatively include KAPCO (-25 points), PIBTL (-15 points), MEBL (-6 points), ICI (-6 points) and KEL (-4 points).

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