KARACHI: The stock market ended with gain of 64 points on Tuesday after mixed trading activities on Pakistan Stock Exchange (PSX).
The benchmark KSE-100 index of PSX closed at 30,585 points as against 30,521 points showing an increase of 64 points.
Analysts at Arif Habib Limited said that the market today went down by 568 points at a point in time, which was mainly caused by Privatization Commission’s decision to divest Government’s holding in OGDC, PPL and KAPCO.
By mid-day, news of 10 percent offload in each company was making rounds, which brought significant selling pressure in these scrips, with major impact in OGDC and PPL.
By the end of session, however, market staged a recovery and all the losses were reversed with an increase of 121 points in Index.
The rebound was mainly brought by Power and Fertilizer sector. The session closed +31 points (unadjusted).
Cement sector scrips also saw buying activity, resulting in DGKC hitting upper circuit while other cement sector stocks including MCLF and LUCK also saw buying interest. Cement sector led the volumes table with 19.9 million shares, followed by Banks (15.7 million) and Chemical (11.4 million). LOTCHEM, consecutively, ranked first in volumes with 8.4 million shares, followed by UNITY (7 million) and OGDC (6.6 million).
Sectors contributing to the performance include Banks (-91 points), E&P (-65 points), O&GMCs (-14 points), Power (+67 points), Fertilizer (+62 points), Cement (+58 points) and Inv. Banks (+21 points).
Volumes declined slightly from 122.1 million shares to 118.3 million shares (-3 percent DoD). Average traded value however, increased by 39 percent to reach US$ 33.5 million as against US$ 24.1 million.
Stocks that contributed significantly to the volumes include LOTCHEM, UNITY, OGDC, MLCF and HMB, which formed 29 percent of total volumes.
Stocks that contributed positively include HUBC (+62 points), ENGRO (+44 points), LUCK (+32 points), DAWH (+27 points) and UBL (+21 points). Stocks that contributed negatively include HBL (-38 points), BAHL (-37 points), OGDC (-31 points), MCB (-24 points) and PPL (-21 points).
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