Equities gain 382 points amid easing political tensions

KARACHI: Pakistan’s equities gained 382 points on Monday owing to ease in political tensions following reports suggested Prime Minister Imran Khan accepted demand of allies parties.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,933 points as against last Friday’s closing of 43,551 points, up by 382 points.

Analysts at Topline Securities said Pakistan equities closed on a positive note as benchmark KSE-100 Index settled at 43,933 Level.

Market opened sideways on the back of rising political conditions where market make an intraday low of 260 points.

“However, market has witnessed recovery in the second half where media reporting PM Imran khan have given green signal to its allies demand for official appointments resultantly market make an intraday high of 382 points,” the analysts said.

Analysts at Arif Habib Limited said that the index stayed in the red territory during the first trading hour due to political unrest and further PKR devaluation against dollar.

Cement sector remained in the limelight due to price increase by another 15/bag in the south except Karachi. Main board activity remained dull.

On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks. In the last trading hour, value buying was witnessed which led the index to close in the green zone.

Sectors contributing to the performance include Cement (+120.1 points), Commercial Banks (+50.4 points), Automobile Assembler (+48.0 points), E&P (+40.3 points) and Pharmaceuticals (+20.9 points).

Volumes decreased from 161.9 million shares to 132.6 million shares (-18.1 per cent DoD). Average traded value increased by 15.8 per cent to reach US$ 26.4 million as against US$ 22.8 million.

Stocks that contributed significantly to the volumes include TELE, WTL, KEL, GGL and TRG