KSE-100 gains 340 points on improved sentiments

KSE-100 gains 340 points on improved sentiments

KARACHI: The stock market gained 340 points on Thursday on improved sentiments.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,996 points as against 34,656 points showing an increase of 340 points.

Analysts at Arif Habib Limited said that market moved up today after sustaining losses for the past three sessions. E&P sector took cue from rising crude prices and were further helped by Iran’s taking down of US drone.

Besides the positivity in E&P sector, Cement stocks also increased on the back of recent price hikes in cement price / bag. Total volumes hit around 163 million shares, however, most of it came from Summit Bank (19 million), WTL (17 million), JSCL (10 million) and PAEL (10 million).

Technology sector led the volumes table with 29 million shares, followed by Banks (24 million) and Cement (22 million).

Sectors contributing to the performance include Fertilizer (+69 points), Banks (+62 points), E&P (+44 points), Cement (+44 points) and Autos (+25 points).

Volumes increased significantly from 99.4 million shares to 163 million shares (+64 percent DoD). Average traded value also increased by 31 percent to reach US$ 28.8 million as against US$ 21.9 million.

Stocks that contributed significantly to the volumes include SMBL, WTL, JSCL, PAEL and MLCF, which formed 41 percent of total volumes.

Stocks that contributed positively include FFC (+21 points), EFERT (+21 points), ENGRO (+20 points), POL (+20 points) and HUBC (+19 points). Stocks that contributed negatively include NESTLE (-14 points), PAKT (-11 points), NCPL (-3 points), JLICL (-2 points) and KAPCO (-2 points).