KSE-100 gains 126 points on prime minister’s US visit

KARACHI: The share market increased by 126 points on Monday owing to US visit of Prime Minister Imran Khan and activation of market opportunity fund.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,585 points as against 32,459 points showing an increase of 126 points.

Analysts at Arif Habib Limited said that the market traded in the positive zone better part of the session. The index oscillated between -67 points and +277 points and closed the session with +26 points.

The opening bell saw index at +167 points, which helped investors form a view about market. Prime Minister Imran Khan’s ongoing visit to US is considered a key trigger for the investors besides activation of market opportunity fund.

Breakthrough with US on account of Coalition Support Fund and matters relating to Afghan peace process are considered positive for the market sentiment.

Earlier in the session today, cement companies in North region were known to have reduced Cement price / bag, which dampened the sentiment at the bourse. Cement sector led the volumes table with 8.5 million shares followed by Technology (5.2 million). Among scrips, MLCF saw volumes of 4.4 million shares at the top, followed by TRG (3.7 million).

Sectors contributing to the performance include E&P (+47 points), Banks (+37 points), Fertilizer (+21 points), O&GMCs (+21 points) and Pharma (+15 points).

Volumes declined again from 121.5 million shares to +44.5 million shares (-63 percent DoD). Average traded value also declined by 55 percent to reach US$ 12.4 million as against US$ 27.3 million.

Stocks that contributed significantly to the volumes include MLCF, TRG, PAEL, ISL and DGKC, which formed 34 percent of total volumes.

Stocks that contributed positively include HBL (+40 points), OGDC (+27 points), POL (+25 points), FFC (+14 points) and UBL (+12 points). Stocks that contributed negatively include MARI (-9 points), NATF (-7 points), MUREB (-7 points), BAFL (-7 points) and KAPCO (-6 points).

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