Equity market climbs up by 500 points on foreign inflows

Equity market climbs up by 500 points on foreign inflows

KARACHI: The equity market climbed up by over 500 points on Monday owing to positive reports of foreign inflows from friendly countries.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,614 points as against 41,113 points showing an increase of 502 points.

Analysts at Arif Habib Limited said that the market continued to rise in the wake of positive news flow on macro-economic front including Foreign Direct Investment (FDI) flows from friendly countries.

The sentiment got a slight dent on the news of S&P downgrading Pakistan from B to B-, however, the negative sentiment could not prevail in the end.

Cement sector hit upper circuit with a total volume of 36 million, followed by Banks realizing volume of 33 million.

Blue chips came in the lime light today, particularly, LUCK, DGKC, HBL, UBL etc. Scrips that topped the volume chart include BOP (20 million), KEL (18 million) and ANL (12 million), among which ANL saw profit booking since the start of session.

Sectors contributing to the performance include Cement (+131 points), Banks (+103 points), E&P (+84 points), Power (+47 points), Pharma (+40 points) and Tobacco (-24 points).

Volumes increase from 229 million shares to 254 million shares (+11 percent DoD).

Average traded value also increased by 16 percent to reach US$71 million as against US$62 million.

Stocks that contributed significantly to the volumes include BOP, KEL, ANL, PIBTL and POWER, which formed 28 percent of total volumes.

Stocks that contributed positively include LUCK (+60 points), BAHL (+30 points), MEBL (+28 points), PPL (+27 points), and HUBC (+27 points). Stocks that contributed negatively include PAKT (-13 points), PMPK (-11 points), PSMC (-7 points), EFOODS (-3 points) and ICI (-3 points).