Equity market gains 200 points on improved sentiments

Equity market gains 200 points on improved sentiments

KARACHI: The equity market gained 200 points on Tuesday after improved trading sentiments.

The KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,329 points as against 38,129 points showing an increase of 200 points.

Analysts at Arif Habib Limited said that the market sentiment improved after a long time and the index closed positive.

After an initial down side of 89 points at the beginning of session, the market turned positive and investors took positive bets on the outcome of Supreme Court’s decision relating to Nawaz Sharif, which is considered to be a sign of resolving political stalemate at the parliament and focusing on core economic issues by the government.

Cement, Fertilizer, Autos and E&P sector contributed the most to the upside, especially by the end of session. O&GMCs, especially SSGC, also went up with expectation of financial results to be announced soon as the extension got turned down by SECP.

Sectors contributing to the performance include E&P (+101 points), Autos (+22 points), Fertilizer (+20 points), Engineering (+14 points) and O&GMCs (+13 points).

Volumes increased significantly from 56.5 million shares to 86.1 million shares. Average traded value also increased by 33 percent to reach $ 25.2 million as against $ 19 million.

Stocks that contributed significantly to the volumes include WTL, KEL, OGDC, FCCL and TRG, which formed 38 percent of total volumes.

Stocks that contributed positively include OGDC (+54 points), PPL (+30 points), MARI (+12 points), SNGP (+11 points), and SEARL (+9 points). Stocks that contributed negatively include FCCL (-8 points), PSO (-7 points), SPWL (-5 points), KTML (-5 points) and HBL (-4 points).

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