Equity market gains 50 points in range bound trading

Equity market gains 50 points in range bound trading

KARACHI: The equity market gained 50 points on Tuesday amid range bound trending activities observed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange was closed at 37,700 points as against 37,651 points showing an increase of 50 points.

Analysts at Arif Habib Limited said that the market traded in a range today between -282 points and +288 points and closing the session +50 points.

Amidst expectations of an impending correction, Index is circumnavigating current levels with a tilt towards index heavy weights such as HUBC and helped manage the slide, which would otherwise have dented investor sentiment.

The index opened on a positive note with +98 points and went further upto +183 points, on the back of buying activity in Cement, E&P sectors, however, selling pressure in Banks, Cement, Fertilizer and Steel brought the index down later.

The Index rebounded again with buying interest in HUBC that took the stock price to upper circuit. Besides, increase in international crude oil prices helped PSO, PPL and POL to post price gains. Among Fertilizer sector stocks, ENGRO performed well and posted decent gains.

Technology sector topped the volumes with 71.7 million shares, followed by Cement (58.2 million) and Power (43.3 million). Among scrips, TRG did 28.6 million shares, followed by HASCOL (25.9 million) and HUMNL (17.5 million).

Sectors contributing to the performance include Power (+114 points), Fertilizer (+36 points), O&GMCs (+20 points), Insurance (+13 points) and Paper (+12 points), Inv Banks (-27 points) and Autos (-27 points).

Volumes declined from 553.8 million shares to 457.2 million shares (-17 percent DoD). Average traded value remained the same at US$ 116  million.

Stocks that contributed significantly to the volumes include TRG, HASCOL, HUMNL, FCCL and HUBC, which formed 23 percent of total volumes.

Stocks that contributed positively to the index include HUBC (+102 points), ENGRO (+37 points), HBL (+24 points), KAPCO (+17 points) and PSO (+15 points). Stocks that contributed negatively include DAWH (-24 points), INDU (-20 points), DGKC (-15 points), UBL (-14 points), and CHCC (-14 points).