Equity market gains 538 points amid buying in major scrips

KARACHI: The equity market gained 538 points on Friday after investors have shown interest in banking and fertilizers scrips.

The Index closed at 30,667 points as against 30,130 points showing an increase of 538 points.

Analysts at Arif Habib Limited said that the market carried the momentum showed yesterday and opened with a large stride of +716 points having fetched 1.5 million shares.

Fertilizer, E&P and Banking sectors turned out to be major avenues where investors took interest. International crude prices also went up overnight and traded +3 percent that helped E&P scrips hitting upper circuit.

During the session the index oscillated between -226 points and +798 points, closing +538 points. Cement sector topped the volumes with 58.7 million shares followed by Banks (31.1 million) and Power (28.6 million).

Among scrips, KEL posted trading volumes of 23.4 million shares, followed by MLCF (16.6 million) and BOP (15 million).

Sectors contributing to the performance include E&P (+250 points), Banks (+203 points), Fertilizer (+138 points), Power (+52 points), Tobacco (+24 points), Cement (-46 points), Textile (-38 points).

Volumes declined from 308.3 million shares to 245.0 million shares (-21 percent DoD). Average traded value also declined by 16 percent to reach US$ 53.4 million as against US$ 63.7 million.

Stocks that contributed significantly to the volumes include KEL, MLCF, BOP, FCCL and UNITY, which formed 34 percent of total volumes.

Stocks that contributed positively to the index include ENGRO (+107 points), HBL (+106 points), OGDC (+83 points), PPL (+83 points) and POL (+52 points). Stocks that contributed negatively include DAWH (-30 points), SNGP (-21 points), NML (-19 points), MEBL (-18 points), and MLCF (-16 points).

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