Equity market gains 354 points on improved trading on energy sector

Equity market gains 354 points on improved trading on energy sector

KARACHI: The equity market gained 354 points on Tuesday as trading activities seen in energy sectors after improved prices in international crude oil.

The benchmark KSE-100 index closed at 34,185 points as against 33,804 points showing an increase of 354 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today and went up by 546 points during the session. Increasing international crude prices helped E&P, OMCs and Refinery sectors contribute to the growth in index. Besides, Pharmaceuticals posted price gains on the back of prospects of working towards cure for Corona virus, whereby FEROZ, SEARL, ICI made significant strides during past several sessions.

Profit booking, however, was observed in FEROZ. Banking sector also showed some signs of recovery, however, price gains remained muted. Cement sector saw continued attrition during past sessions and today saw rather aggressiveness, post realization of interest rate cut.

O&GMCs posted highest trading volume among sectors with 40 million shares, followed by Technology (35.3 million) and Cement (32.8 million). Among scrips, HASCOL led the volumes with 31.6 million shares, followed by TRG (16 million) and MLCF (12.7 million).

Sectors contributing to the performance include E&P (+106 points), Pharma (+52 points), O&GMCs (+40 points), Misc (39 points), Banks (+24 points) and Cement (-15 points).

Volumes declined from 261.9 million shares to 247.8 million shares (-6 percent DoD). Average traded value, on the contrary, increased significantly from US$ 45.4 million to US$ 65.2 million (+44 percent DoD).

Stocks that contributed significantly to the volumes include HASCOL, TRG, MLCF, PAEL and KEL, which formed 33 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+60 points), PPL (+37 points), PSEL (+31 points), SNGP (+26 points) and DAWH (+22 points). Stocks that contributed negatively include ENGRO (-13 points), MEBL (-9 points), PIOC (-9 points), CHCC (-8 points), and AICL (-7 points).