Equity market gains 208 points amid buying activities

Equity market gains 208 points amid buying activities

KARACHI: The equity market recovered 208 points on Tuesday due to buying activities in blue chips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,130 points as against 36,922 points showing an increase of 208 points.

Analysts at Arif Habib Limited said that the market showed some signs of recovery today, particularly in blue chips which touched a low again today but saw buying activity, which pulled the index up.

Cement stocks such as LUCK, DGKC showed some resilience and closed well above day’s low.

MLCF on the contrary showed major activity on lower circuit and closed at that level.

Cement sector led the volumes with 40 million shares contributed mainly by MLCF (15.6 million).

Sectors contributing to the performance include Power (+84 points), Banks (+56 points), O&GMCs (+38 points), Pharma (+20 points), E&P (+16 points), Cement (-61 points).

Volumes increased significantly from 106.9 million shares to 160.5 million shares (+50 percent DoD). Average traded value also increased by 45 percent to reach US$ 41.7 million as against US$ 28.8 million.

Stocks that contributed significantly to the volumes include UNITYR1, MLCF, FCCL, KEL and WTL, which formed 37 percent of total volumes.

Stocks that contributed positively include HUBC (+61 points), UBL (+37 points), PSO (+23 points), NBP (+19 points), and ENGRO (+17 points). Stocks that contributed negatively include LUCK (-25 points), HBL (-16 points), FFC (-13 points), FCCL (-11 points) and DAWH (-11 points).

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