Equity market makes gains amid court decision, gas tariff hike

Equity market makes gains amid court decision, gas tariff hike

KARACHI: The equity market gained 124 points on Tuesday amid decisions of the apex court and repots of gas tariff hike.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSC) closed at 41,769 points as against 41,645 points showing an increase of 124 points.

Analysts at Arif Habib Limited said that the market saw wide moves today with an initial increase of 411 points and then sustaining loss of -620 points (a drop of almost 1000 points), which was first caused by gas tariff hike proposed by OGRA followed by Court’s decision against Pervez Musharaf that dented the investor sentiment.

E&P stocks rallied despite negative triggers and both OGDC and PPL traded on upper circuits. Banking sector followed suit and showed price gains.

Among volume leaders, O&GMC sector led the table with 71.4 million shares, followed by Food (43.5 million) and Cement (42 million). Scrip wise activity shows FFL on top with 40.5 million shares, followed by HASCOLR1 (35.6 million) and UNITY (26.2 million).

Sectors contributing to the performance include E&P (+226 points), Banks (+100 points), Inv Banks (+50 points), Power (-45 points), Tobacco (-38 points), Cement (-36 points), Fertilizer (-24 points), Textile (-20 points).

Volumes increased further from 358.1 million shares to 412.3 million shares (+15 percent DOD). Average traded value also increased by 26 percent to reach US$ 113.6 million as against US$ 90.3 million.

Stocks that contributed significantly to the volumes include FFL, HASCOLR1, UNITY, JSCL and TRG, which formed 34 percent of total volumes.

Stocks that contributed positively include PPL (+102 points), OGDC (+100 points), HBL (+81 points), DAWH (+53 points) and ENGRO (+36 points). Stocks that contributed negatively include FFC (-48 points), PAKT (-37 points), HUBC (-37 points), PSO (-21 points), and LUCK (-21 points).

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