KARACHI: The equity market rebounded with an increase of 976 points on Monday on the anticipation of new fund injection by mutual funds.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,683 points as against last Friday’s close of 44,707 points, showing an increase of 976 points.
Analysts at Arif Habib Limited said that the market made a rebound today with the anticipation of new fund injection by mutual funds, despite the persistent selling witnessed in the past couple of sessions at the behest of rising cases of Corona.
Financial results announced earlier today failed to excite the market, when the index tumbled 317 points earlier in the session.
Aggressive buying was observed in OGDC, PPL and PSO, all of which hit upper circuits during the session although OGDC and PSO closed below the upper circuit. Similarly, buying was observed in HBL and UBL, which helped the index post 1246 points after sustaining loss of 317 points.
Session ended +976 points (unadjusted). Among scrips, TELE topped the volumes with 55 million shares, followed by TRG (53.5 million) and UNITY (26.4 million).
Sectors contributing to the performance include E&P (+239 points), Banks (+177 points), Cement (+99 points), Fertilizer (+87 points) and Pharma (+81 points).
Volumes increased from 240.4 million shares to 409 million shares (+70 percent DoD). Average traded value also increased by 103 percent to reach US$ 155.5 million as against US$ 76.6 million.
Stocks that contributed significantly to the volumes include TELE, TRG, UNITY, SILK and GGL, which formed 41 percent of total volumes.
Stocks that contributed positively to the index include OGDC (+102 points), PPL (+96 points), HUBC (+78 points), TRG (+60 points) and LUCK (+58 points). Stocks that contributed negatively include PSMC (-9 points), INIL (-8 points), AICL (-6 points), LOTCHEM (-5 points) and KEL (-5 points).
