Stock market rebounds to gain 280 points on positive sentiments

KARACHI: The stock market rebounded to gain 280 points on Wednesday owing to positive sentiments prevailed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,938 points as against 31,658ts showing an increase of 280 points.

Analysts at Arif Habib Limited said that the market rebounded finally on the last day of July.

Positive sentiments were seen across the board and were led by activity in cement and steel sectors.

Among Autos, HCAR and GHNI, and Steel, ISL, hit upper circuits. E&P Sector saw positivity since start of the session on the back of higher crude oil prices.

Across the board positivity can be attributed to the expectation of timid inflation and reversal of SBP’s policy rate in the short run.

Besides, last day of the rollover week contributed to the positive investor sentiment. Cement sector led the volumes table with 14.5 million shares, followed by Technology (9 million) and Engineering (8.7 million). Among scrips, MLCF took the lead with 7.1 million shares, followed by TRG (5.7 million) and ISL (4.3 million).

Sectors contributing to the performance include E&P (+69 points), Fertilizer (+63 points), Banks (+35 points), O&GMCs (+33 points), and Cement (+24 points).

Volumes increase from 51.3 million shares to 70.1 million shares (+37 percent DoD). Average traded value also increased by 24 percent to reach US$ 16.4 million as against US$ 13.2 million.

Stocks that contributed significantly to the volumes include MLCF, TRG, ISL, KEL and WTL, which formed 34 percent of total volumes.

Stocks that contributed positively include ENGRO (+34 points), PPL (+34 points), HBL (+20 points), POL (+19 points). Stocks that contributed negatively include PAKT (-31 points), AICL (-7 points), INDU (-5 points), MCB (-4 points) and CHCC (-2 points).

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