Stock market gains 84 points after early day losses

KARACHI: The stock market ended with gain of 84 points after recovery from massive loss earlier in the day on Monday.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,250 points as against 33,166 points showing an increase of +84 points

Analysts at Arif Habib Limited said that KSE-100 index showed first signs of recovery and that too on a day when SBP is scheduled to announce monetary policy.

Buying activity was observed in index heavy weights after an initial plunge of 814 points.

Several stocks especially Cement sector, saw lower circuits. E&P Sector showed mixed reaction throughout the day, with OGDC trading above last trading day’s closing whereas PPL and POL saw attrition.

PPL hit lower circuit, but recovered by the end of session. Similarly, O&GMCs performed well and SSGC, SNGP were seen trading at upper circuits.

Sectors contributing to the performance include Banks (+74 points), O&GMCs (+50 points), Fertilizer (+31 points), Transport (+18 points), Tobacco (+15 points) and E&P (-118 points).

Volumes increased significantly from 90 million shares to 166 million shares (+83 percent DoD).

Similarly, Average traded value also doubled from US$ 21 million to US$ 41 million.

Stocks that contributed significantly to the volumes include KEL, TRG, UNITY, LOTCHEM and PIBTL, which formed 29 percent of total volumes.

Stocks that contributed positively include ENGRO (+44 points), HBL (+41 points), UBL (+33 points), PSO (+22 points) and PIBTL (+18 points). Stocks that contributed negatively include PPL (-94 points), MCB (-26 points), OGDC (-22 points), FFC (-10 points) and MTL (-9 points).

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