KARACHI: The equity market recovered 608 points on Tuesday in the aftermath of US-Iran confrontation and developing geopolitical situation.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,904 points as against 41,296 points showing an increase of 608 points.
Analysts at Arif Habib Limited said that in the aftermath of US-Iran confrontation and developing geo-political situation, world markets staged a recovery with an understandable decline in international crude prices.
The KSE-100 index also partially recovered the points lost yesterday with an increase of 649 points by the end of session.
Banks, OMCs, Refineries and Cement sectors remained in the limelight, with LUCK, PSO, ATRL and NRL hitting upper circuits by the end of session. Overall, OMCs saw largest volumes of 31.1 million shares, followed by Technology (21.9 million) and Cement (20.9 million).
Among scrips, HASCOL led the table with 19 million shares, followed by KEL (16 million) and STPL (12.3 million).
Sectors contributing to the performance include Banks (+205 points), Fertilizer (+83 points), Cement (+68 points), O&GMCs (+66 points) and Inv Banks (+61 points).
Volumes declined from 266.7 million shares to 206.9 million shares (-23 percent DoD). Average traded value also declined by 14 percent to reach US$ 59.2 million as against US$ 67.5 million.
Stocks that contributed significantly to the volumes include HASCOL, KEL, STPL, TRG and UNITY, which formed 34 percent of total volumes.
Stocks that contributed positively include HBL (+93 points), LUCK (+60 points), DAWH (+56 points), PSO (+44 points) and ENGRO (+42 points). Stocks that contributed negatively include INDU (-16 points), NESTLE (-9 points), IGIHL (-5 points), MLCF (-3 points), and POL (-3 points).
