Equity market gains 487 points on positive sentiments

Equity market gains 487 points on positive sentiments

KARACHI: The equity market has shown an increase of 487 points on Tuesday as positive sentiments prevailed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,563 points as against previous day’s closing of 44,076 points, showing an increase of 487 points.

Analysts at Arif Habib Limited said that the market performed well today, adding a total of 544 points on the board and closed at high note. Resolution of roll-over uncertainty in TRG helped investors take a positive view on the stock resulting in TRG hitting upper circuit.

NETSOL on the other hand, remained under pressure with stock at lower circuit for the consecutive session. Oil prices also bounced overnight that helped E&P companies to inch up.

Cement and Steel sectors bounced back as well, after sustaining losses in the previous sessions. Among scrips, UNITY topped the volumes with 33.8 million shares, followed by TELE (26.2 million) and GGL (23.5 million).

Sectors contributing to the performance include Technology (+127 points), Banks (+84 points), Fertilizer (+61 points), Cement (+43 points) and Vanaspati (+31 points).

Volumes declined from 238.4 million shares to 221.5 million shares (-8 percent DoD). Average traded value also declined by 11 percent to reach US$ 65.8 million as against US$ 73.8 million.

Stocks that contributed significantly to the volumes include UNITY, TELE, GGL, TRG and HASCOL, which formed 50 percent of total volumes.

Stocks that contributed positively to the index include TRG (+116 points), LUCK (+38 points), HBL (+32 points), UNITY (+31 points) and MCB (+23 points). Stocks that contributed negatively include PAKT (-26 points), KTML (-8 points), NESTLE (-6 points), ICI (-5 points) and DGKC (-3 points).

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