KARACHI: The equity market gained 380 points on Wednesday despite adverse trading in technology scrips. The benchmark KSE-100 index closed at 44,944 points as against previous day’s closing of 44,5664 points, showing an increase of 380 points.
Analysts at Arif Habib Limited said that the market continued the uptrend today, led by Power, Banks, E&P & O&GMCs other than technology stocks which saw erratic movement that dragged NETSOL and TRG down, causing the Index to go down.
The index posted an overall gain of 610 points during the session and closed the session 380 points.
News of partial release of funds by the Government to settle IPPs’ outstanding dues, which helped HUBC and KAPCO to perform.
In the same vein, PSO also performed with the prospect of receipt of funds from the IPPs.
Among scrips, UNITY topped the volumes with 42.3 million shares, followed by TELE (32.7 million) and TRG (30 million).
Sectors contributing to the performance include Power (+116 points), Banks (+75 points), E&P (+64 points), Cement (+48 points), O&GMCs (+32 points) and Technology (-53 points).
Volumes increased from 221.5 million shares to 259.9 million shares (+17 percent DoD). Average traded value also increased by 47 percent DoD to reach US$ 96.6 million as against US$ 65.8 million.
Stocks that contributed significantly to the volumes include UNITY, TELE, TRG, GGL and NETSOL, which formed 54 percent of total volumes.
Stocks that contributed positively to the index include HUBC (+98 points), PSO (+34 points), POL (+28 points), LUCK (+21 points) and PPL (+21 points). Stocks that contributed negatively include TRG (-54 points), SCBPL (-11 points), NRL (-8 points), HINOON (-4 points) and EFERT (-3 points).
