KARACHI: The equity market sharply increased by 1166 points or 2.8 percent on Thursday as concerns over war subsided after US president address.
The benchmark KSE-100 index closed at 42,523 points as against 41,358 points showing an increase of 1166 points.
Analysts at Arif Habib Limited said that Post Trump address, most of the World stock markets performed well, as the concerns over war subsided.
Oil prices, which tanked overnight due to dampening war prospects, also gained foothold above $60/bbl, helping oil & gas chain to perform as well.
KSE-100 index went up around 1200 points during the session and closed up 1166 points. Around 306 stocks were in advance whereas 48 stocks were in decline.
At the opening bell, index went up by 636 points and kept going up throughout the session. Banking sector took the lion’s share with 81.2 million shares, followed by Technology (44.6 million) and Power (39.3 million).
Among scrips, BOP led the volumes with 53 million shares, followed by KEL (33.5 million) and UNITY (24.2 million).
Sectors contributing to the performance include Banks (+335 points), E&P (+135 points), Fertilizer (+129 points), Cement (+115 points) and Power (+108 points).
Volumes increased from 280mn shares to 362.5 million shares (+29 percent DoD). Average traded value also increased by 18 percent to reach US$ 88.8 million as against US$ 75.4 million.
Stocks that contributed significantly to the volumes include BOP, KEL, UNITY, TRG and MLCF, which formed 37 percent of total volumes.
Stocks that contributed positively include HBL (+123 points), HUBC (+79 points), PPL (+62 points), LUCK (+62 points) and ENGRO (+48 points). Stocks that contributed negatively include DAWH (-13 points), PMPK (-5 points), SHFA (-3 points), JLICL (-2 points), and SCBPL (-1 points).
